MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Decreases Stake in Nextracker Inc. $NXT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Nextracker Inc. by 11.8%, selling 18,504 shares, leaving them with 137,805 shares valued at approximately $5.8 million.
• Several hedge funds, including Fifth Third Bancorp and Signaturefd LLC, have increased their holdings in Nextracker, indicating strong institutional interest.
• Nextracker's stock has received positive attention from analysts, with target price increases from multiple firms, enhancing its rating to a consensus of "Moderate Buy."

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 11.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 137,805 shares of the company's stock after selling 18,504 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.09% of Nextracker worth $5,807,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares during the last quarter. Summit Securities Group LLC raised its stake in shares of Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the first quarter worth $40,000. Virtus Fund Advisers LLC purchased a new position in shares of Nextracker in the fourth quarter worth $47,000. Finally, Fifth Third Bancorp raised its stake in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NXT. Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 3rd. Zacks Research upgraded Nextracker to a "hold" rating in a research note on Tuesday, August 12th. Robert W. Baird lifted their price objective on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Roth Capital reaffirmed a "buy" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Finally, TD Cowen lifted their price objective on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $65.00.

Nextracker Price Performance

Shares of NASDAQ NXT traded down $0.80 during mid-day trading on Friday, reaching $66.70. The company's stock had a trading volume of 1,460,700 shares, compared to its average volume of 2,325,439. The firm has a market capitalization of $9.87 billion, a PE ratio of 18.17, a P/E/G ratio of 1.57 and a beta of 2.26. The stock has a fifty day moving average of $62.96 and a two-hundred day moving average of $53.81. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $71.44.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares of the company's stock, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the transaction, the chief operating officer directly owned 170,000 shares of the company's stock, valued at approximately $9,744,400. This trade represents a 3.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,487 shares of company stock worth $2,019,009. 0.56% of the stock is currently owned by insiders.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.