Nextracker Inc. (NASDAQ:NXT) Shares Sold by Citigroup Inc.

Citigroup Inc. lessened its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 19.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 530,391 shares of the company's stock after selling 127,145 shares during the quarter. Citigroup Inc. owned approximately 0.36% of Nextracker worth $22,351,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NXT. Russell Investments Group Ltd. boosted its holdings in Nextracker by 53.0% in the fourth quarter. Russell Investments Group Ltd. now owns 61,111 shares of the company's stock worth $2,232,000 after purchasing an additional 21,164 shares during the period. Bank of Montreal Can boosted its holdings in shares of Nextracker by 4.1% during the fourth quarter. Bank of Montreal Can now owns 58,453 shares of the company's stock valued at $2,135,000 after acquiring an additional 2,306 shares during the period. Legal & General Group Plc boosted its holdings in shares of Nextracker by 1.0% during the fourth quarter. Legal & General Group Plc now owns 396,938 shares of the company's stock valued at $14,500,000 after acquiring an additional 3,980 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Nextracker during the fourth quarter valued at $4,711,000. Finally, Sterling Capital Management LLC boosted its holdings in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Barclays reissued an "overweight" rating and set a $69.00 price target (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group lifted their price objective on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Nine analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $64.37.

Insider Buying and Selling at Nextracker

In related news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Nicholas Marco Miller sold 5,588 shares of Nextracker 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 in the company, valued at $9,744,400. This represents a 3.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 211,589 shares of company stock valued at $12,257,650 in the last ninety days. 0.56% of the stock is owned by insiders.

Nextracker Trading Up 1.3%

Shares of Nextracker stock opened at $54.50 on Wednesday. The company's 50-day moving average price is $59.82 and its two-hundred day moving average price is $50.76. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87. The stock has a market cap of $8.06 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.24 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.

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