Caas Capital Management LP Sells 163,100 Shares of Nextracker Inc. (NASDAQ:NXT)

Caas Capital Management LP trimmed its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 46.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,829 shares of the company's stock after selling 163,100 shares during the period. Nextracker makes up about 0.8% of Caas Capital Management LP's portfolio, making the stock its 7th biggest position. Caas Capital Management LP owned about 0.13% of Nextracker worth $7,789,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. New York State Teachers Retirement System increased its holdings in shares of Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after purchasing an additional 19,247 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after purchasing an additional 1,792 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Nextracker by 204.3% during the 1st quarter. SG Americas Securities LLC now owns 33,845 shares of the company's stock valued at $1,426,000 after purchasing an additional 22,721 shares in the last quarter. KBC Group NV increased its holdings in shares of Nextracker by 719.8% during the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after purchasing an additional 43,820 shares in the last quarter. Finally, Unified Investment Management purchased a new position in shares of Nextracker during the 1st quarter valued at approximately $583,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NXT. Susquehanna lifted their target price on shares of Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a report on Thursday, May 15th. Bank of America lifted their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Guggenheim lowered shares of Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. BMO Capital Markets boosted their price target on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a report on Thursday, May 15th. Finally, Truist Financial boosted their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.67.

Insider Activity

In related 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 sale, the president directly owned 419,959 shares in the company, valued at approximately $27,297,335. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the completion of the sale, the chief operating officer directly owned 170,000 shares in the company, valued at $9,744,400. This trade represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 210,476 shares of company stock worth $12,169,880. Company insiders own 0.56% of the company's stock.

Nextracker Price Performance

Shares of NXT traded down $0.92 during mid-day trading on Friday, reaching $61.70. The stock had a trading volume of 2,196,117 shares, compared to its average volume of 2,678,364. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $67.87. The business's fifty day moving average is $56.81 and its 200 day moving average is $47.65. The firm has a market cap of $9.02 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 1.60 and a beta of 2.25.

Nextracker Company Profile

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.