Nextracker Inc. (NASDAQ:NXT) Shares Sold by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA reduced its stake in Nextracker Inc. by 1.4%, currently holding 7,592,594 shares valued at approximately $320 million.
• Institutional investors now hold 67.41% of Nextracker's stock, with various firms modifying their positions, indicating increased interest in the company's shares.
• Recent insider transactions included CAO David P. Bennett and Director William D. Watkins selling a combined total of 19,801 shares, representing significant reductions in their holdings.

Primecap Management Co. CA reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,592,594 shares of the company's stock after selling 109,253 shares during the period. Primecap Management Co. CA owned 5.21% of Nextracker worth $319,952,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its stake in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after buying an additional 260 shares during the period. Sterling Capital Management LLC grew its holdings in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in shares of Nextracker in the 4th quarter valued at about $47,000. UMB Bank n.a. grew its position in shares of Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after buying an additional 842 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Nextracker by 819.5% during the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after buying an additional 1,385 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of recent analyst reports. Susquehanna increased their price objective on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research report on Monday, July 21st. Northland Securities restated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Barclays reissued an "overweight" rating and issued a $69.00 price objective (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Finally, UBS Group increased their target price on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Nine research 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 company's stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and a consensus target price of $64.37.

Nextracker Stock Up 1.9%

Shares of NXT traded up $1.05 during trading hours on Friday, reaching $56.77. 111,396 shares of the company traded hands, compared to its average volume of 2,512,121. The stock has a market capitalization of $8.30 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.26 and a beta of 2.25. The stock has a fifty day simple moving average of $59.93 and a 200 day simple moving average of $50.34. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $67.87.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the transaction, the chief accounting officer owned 124,615 shares of the company's stock, valued at approximately $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the sale, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 220,476 shares of company stock worth $12,737,780 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Nextracker 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.