Nextracker Inc. $NXT Holdings Raised by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Nextracker Inc. by 34.6%, owning approximately 0.05% of the company valued at $4.16 million.
• Insiders, including Director William D. Watkins and CFO Charles D. Boynton, have recently sold significant shares of Nextracker stock, indicating a decrease in their positions.
• Nextracker has seen a 3.2% increase in trading, with current stock values ranging from a low of $30.93 to a high of $93.90 over the past year.

Allianz Asset Management GmbH boosted its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 34.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,547 shares of the company's stock after buying an additional 19,657 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.05% of Nextracker worth $4,162,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Flputnam Investment Management Co. lifted its position in Nextracker by 2.4% in the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock worth $363,000 after buying an additional 201 shares in the last quarter. Signaturefd LLC lifted its position in Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock worth $109,000 after buying an additional 239 shares in the last quarter. Trust Investment Advisors lifted its position in Nextracker by 2.8% in the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock worth $405,000 after buying an additional 258 shares in the last quarter. Boston Partners lifted its position in Nextracker by 2.7% in the 1st quarter. Boston Partners now owns 10,494 shares of the company's stock worth $442,000 after buying an additional 280 shares in the last quarter. Finally, Trium Capital LLP lifted its position in Nextracker by 4.0% in the 1st quarter. Trium Capital LLP now owns 7,969 shares of the company's stock worth $336,000 after buying an additional 303 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Activity

In related news, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the transaction, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is owned by corporate insiders.

Nextracker Trading Up 3.2%

NASDAQ:NXT opened at $90.38 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $93.90. The firm's fifty day simple moving average is $73.96 and its 200 day simple moving average is $60.87. The firm has a market capitalization of $13.37 billion, a PE ratio of 24.63, a PEG ratio of 2.18 and a beta of 2.27.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, October 14th. Robert W. Baird increased their price target on shares of Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Cowen restated a "hold" rating on shares of Nextracker in a research note on Wednesday, July 30th. TD Cowen increased their price target on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Barclays restated an "overweight" rating and set a $92.00 price target on shares of Nextracker in a research note on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.29.

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.

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