Erste Asset Management GmbH Reduces Holdings in Nextracker Inc. $NXT

Key Points

• Erste Asset Management GmbH reduced its position in Nextracker Inc. by 12.6%, now holding approximately 0.64% of the company, valued at about $40.2 million.
• In the first quarter, other hedge funds like Hsbc Holdings PLC and Wellington Management Group LLP significantly increased their stakes in Nextracker, highlighting strong institutional interest in the company.
• Nextracker’s stock currently holds a consensus rating of "Moderate Buy" with an average target price of $65.00 from various Wall Street analysts.

Erste Asset Management GmbH trimmed its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 12.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 932,595 shares of the company's stock after selling 133,965 shares during the period. Erste Asset Management GmbH owned about 0.64% of Nextracker worth $40,218,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Sachem Head Capital Management LP lifted its holdings in Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares in the last quarter. Deutsche Bank AG lifted its holdings in Nextracker by 12.8% in the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock valued at $78,616,000 after purchasing an additional 244,725 shares in the last quarter. Northern Trust Corp lifted its holdings in Nextracker by 10.5% in the 4th quarter. Northern Trust Corp now owns 1,917,024 shares of the company's stock valued at $70,029,000 after purchasing an additional 181,741 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Nextracker by 33.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock valued at $70,005,000 after purchasing an additional 483,483 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the transaction, the insider owned 195,790 shares in the company, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 186,822 shares of company stock worth $10,836,212. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

NASDAQ NXT traded up $4.73 during mid-day trading on Friday, hitting $68.77. The company's stock had a trading volume of 2,136,257 shares, compared to its average volume of 2,977,389. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $70.14. The stock's fifty day simple moving average is $60.45 and its two-hundred day simple moving average is $51.61. The firm has a market capitalization of $10.18 billion, a P/E ratio of 18.74, a price-to-earnings-growth ratio of 1.49 and a beta of 2.25.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Robert W. Baird upped their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Northland Securities reaffirmed a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group upped 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. Finally, TD Cowen upped their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

About Nextracker

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.