Nextracker Inc. $NXT Shares Sold by Tenzing Global Management LLC

Key Points

• Tenzing Global Management LLC has reduced its stake in Nextracker Inc. by 10.7%, now holding 187,500 shares which constitutes 5.7% of its total portfolio.
• Several institutional investors have increased their positions in Nextracker, with Wellington Management Group LLP raising its stake by 56.5% and Encompass Capital Advisors LLC increasing theirs by 72.5% in the first quarter.
• Wall Street analysts have a positive outlook on Nextracker, with the average price target set at $65.00 and ratings indicating a consensus of "Moderate Buy."

Tenzing Global Management LLC trimmed its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 10.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 187,500 shares of the company's stock after selling 22,500 shares during the quarter. Nextracker makes up about 5.7% of Tenzing Global Management LLC's investment portfolio, making the stock its 6th largest holding. Tenzing Global Management LLC owned about 0.13% of Nextracker worth $7,901,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NXT. Northwestern Mutual Wealth Management Co. raised its stake in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC raised its stake in shares of Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker during the first quarter valued at about $40,000. Virtus Fund Advisers LLC bought a new stake in Nextracker in the fourth quarter worth about $47,000. Finally, Fifth Third Bancorp raised its position in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after acquiring an additional 260 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NXT has been the topic of several research reports. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. UBS Group boosted their price target on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Susquehanna lifted their price target on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research note on Monday, July 21st. The Goldman Sachs Group lifted their price target on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Bank of America lifted their target price on Nextracker from $66.00 to $69.00 and gave the company a "buy" 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 issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Stock Performance

Shares of NASDAQ NXT traded down $5.43 during trading hours on Tuesday, hitting $64.33. The stock had a trading volume of 2,233,534 shares, compared to its average volume of 2,383,429. The company has a market capitalization of $9.52 billion, a P/E ratio of 17.53, a P/E/G ratio of 1.62 and a beta of 2.26. The firm's 50-day moving average price is $62.79 and its two-hundred day moving average price is $53.39. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $71.44.

Insider Transactions at Nextracker

In other Nextracker news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the sale, the chief operating officer directly owned 170,000 shares of the company's stock, valued at $9,744,400. The trade was a 3.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,261 shares of company stock worth $6,181,028. 0.56% of the stock is owned by corporate insiders.

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.