Nextracker Inc. (NASDAQ:NXT) Shares Sold by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB reduced its stake in Nextracker Inc. by 8.1%, owning about 1,049,337 shares valued at $44.2 million after selling 92,564 shares in the first quarter.
• Several institutional investors increased their holdings in Nextracker during the fourth quarter, with American Century Companies Inc. boosting its stake by 52.2% to 76,414 shares.
• Current analyst ratings for Nextracker are mixed, with a majority rating it as a buy or strong buy, and an average price target of $62.05.

Skandinaviska Enskilda Banken AB publ trimmed its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,049,337 shares of the company's stock after selling 92,564 shares during the period. Skandinaviska Enskilda Banken AB publ owned about 0.72% of Nextracker worth $44,198,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NXT. Commonwealth Equity Services LLC boosted its holdings in shares of Nextracker by 30.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company's stock worth $388,000 after purchasing an additional 2,483 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Nextracker by 17.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 8,895 shares of the company's stock worth $325,000 after purchasing an additional 1,334 shares during the last quarter. Corient Private Wealth LLC acquired a new position in shares of Nextracker during the 4th quarter worth approximately $251,000. American Century Companies Inc. lifted its holdings in Nextracker by 52.2% in the fourth quarter. American Century Companies Inc. now owns 76,414 shares of the company's stock valued at $2,791,000 after acquiring an additional 26,196 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in Nextracker by 10.5% in the fourth quarter. Sei Investments Co. now owns 223,580 shares of the company's stock valued at $8,167,000 after acquiring an additional 21,188 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Price Performance

NASDAQ:NXT opened at $63.41 on Friday. The firm has a market capitalization of $9.27 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 1.61 and a beta of 2.25. The business's fifty day moving average price is $59.50 and its 200 day moving average price is $49.31. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer owned 124,615 shares of the company's stock, valued at $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president directly owned 219,389 shares in the company, valued at $12,066,395. This trade represents a 2.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 210,476 shares of company stock worth $12,169,880. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on NXT shares. Mizuho reiterated a "neutral" rating and issued a $65.00 price objective (down from $67.00) on shares of Nextracker in a report on Monday, July 14th. Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. Bank of America upped their price objective on Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Finally, Barclays boosted their target price on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Six research analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.05.

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.

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.