Nextracker Inc. $NXT Position Lessened by DekaBank Deutsche Girozentrale

Key Points

• DekaBank Deutsche Girozentrale reduced its position in Nextracker Inc. by 14.7%, selling 55,000 shares during the 2nd quarter, bringing its holdings to approximately 320,263 shares valued at $17.4 million.
• Multiple hedge funds, including Northwestern Mutual Wealth Management and Quarry LP, significantly increased their stakes in Nextracker during the 1st quarter, showing a strong interest in the company's stock.
• Nextracker's stock has received positive ratings from various analysts, with a consensus price target of $77.29 and multiple buy recommendations, indicating strong market confidence in the company's performance.

DekaBank Deutsche Girozentrale lowered its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 14.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 320,263 shares of the company's stock after selling 55,000 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.22% of Nextracker worth $17,413,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after acquiring an additional 577 shares in the last quarter. Summit Securities Group LLC raised its stake in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after acquiring an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Nextracker during the 1st quarter valued at $40,000. Quarry LP raised its stake in Nextracker by 438.5% during the 1st quarter. Quarry LP now owns 1,917 shares of the company's stock valued at $81,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Nextracker by 53.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,387 shares of the company's stock valued at $130,000 after acquiring an additional 833 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value 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 quarter, insiders have sold 32,400 shares of company stock valued at $2,053,385. Insiders own 0.56% of the company's stock.

Nextracker Stock Down 2.4%

Shares of NASDAQ NXT opened at $87.55 on Thursday. The stock has a market capitalization of $12.95 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 2.23 and a beta of 2.27. The stock's fifty day simple moving average is $73.23 and its 200 day simple moving average is $60.51. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $93.90.

Wall Street Analyst Weigh In

NXT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Nextracker in a research note on Tuesday, September 30th. They set a "buy" rating and a $88.00 target price on the stock. UBS Group boosted their price objective on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $76.00 price objective on Nextracker in a research note on Monday. Barclays reissued an "overweight" rating and issued a $92.00 price objective on shares of Nextracker in a research note on Thursday, October 2nd. Finally, Needham & Company LLC began coverage on Nextracker in a research note on Wednesday. They issued a "buy" rating and a $102.00 price objective on the stock. One 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 MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $77.29.

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.

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