Nextracker Inc. (NASDAQ:NXT) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its position in Nextracker Inc. by 1.7%, now owning approximately 367,780 shares valued at $15.5 million.
• During the 4th quarter, several institutional investors significantly increased their holdings in Nextracker, with Invesco Ltd. boosting its position by 52.2%.
• Nextracker shares recently saw a price target increase from analysts, with UBS Group raising their target price from $71 to $75, maintaining a "buy" rating.

Federated Hermes Inc. reduced its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 1.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 367,780 shares of the company's stock after selling 6,231 shares during the quarter. Federated Hermes Inc. owned about 0.25% of Nextracker worth $15,498,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Invesco Ltd. boosted its position in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Sachem Head Capital Management LP boosted its position in shares of Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock worth $108,768,000 after purchasing an additional 122,500 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after purchasing an additional 244,725 shares in the last quarter. Northern Trust Corp boosted its position in shares of Nextracker by 10.5% during the 4th quarter. Northern Trust Corp now owns 1,917,024 shares of the company's stock worth $70,029,000 after purchasing an additional 181,741 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Nextracker by 33.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock worth $70,005,000 after purchasing an additional 483,483 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider directly owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 210,476 shares of company stock worth $12,169,880. 0.56% of the stock is owned by insiders.

Nextracker Trading Down 2.9%

Shares of NXT stock opened at $56.57 on Friday. The firm has a 50-day moving average price of $59.94 and a 200 day moving average price of $50.10. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.41 and a beta of 2.25.

Analysts Set New Price Targets

Several equities research analysts have commented on NXT shares. Cowen restated a "hold" rating on shares of Nextracker in a research report on Wednesday. Northland Securities restated a "market perform" rating on shares of Nextracker in a research report on Wednesday. UBS Group boosted their target price on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday. 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 report on Wednesday. Finally, BMO Capital Markets boosted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.95.

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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