Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Nextracker Inc. (NASDAQ:NXT)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,772 shares of the company's stock after purchasing an additional 10,956 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.09% of Nextracker worth $5,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NXT. Fifth Third Bancorp boosted its stake in shares of Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after acquiring an additional 260 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new stake in shares of Nextracker during the 4th quarter worth about $47,000. UMB Bank n.a. boosted its stake in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after acquiring an additional 842 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after acquiring an additional 1,385 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Trading Up 1.3%

NXT opened at $54.50 on Wednesday. The firm has a market capitalization of $8.06 billion, a PE ratio of 14.85, a PEG ratio of 1.24 and a beta of 2.25. The firm's 50-day moving average price is $59.82 and its 200 day moving average price is $50.76. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on NXT shares. Fox Advisors lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Wall Street Zen raised shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 3rd. Cowen reissued a "hold" rating on shares of Nextracker in a research note on Wednesday, July 30th. The Goldman Sachs Group boosted their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company boosted their target price on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Nine equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $64.37.

Insider Activity

In other Nextracker news, President Howard Wenger sold 5,216 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $65.00, for a total value of $339,040.00. Following the transaction, the president directly owned 419,959 shares in the company, valued at $27,297,335. The trade was a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares in the company, valued at $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 211,589 shares of company stock valued at $12,257,650. Company insiders own 0.56% of the company's stock.

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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.