Nextracker Inc. $NXT Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Nextracker Inc. by 22.2%, holding 55,000 shares valued at approximately $2.99 million after acquiring an additional 10,000 shares.
• Several other institutional investors, including Wellington Management and Encompass Capital, also significantly increased their holdings in Nextracker, reflecting a heightened interest in the company.
• Nextracker's stock has received positive ratings from analysts, with a consensus rating of Moderate Buy and an average target price of $68.10, indicating strong market confidence moving forward.

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 22.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,000 shares of the company's stock after purchasing an additional 10,000 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Nextracker were worth $2,990,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NXT. Wellington Management Group LLP increased its stake in shares of Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after acquiring an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC grew its position in Nextracker by 72.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after buying an additional 1,105,617 shares during the period. Wedge Capital Management L L P NC acquired a new stake in Nextracker during the second quarter valued at $58,122,000. Nuveen LLC acquired a new stake in Nextracker during the first quarter valued at $40,356,000. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in Nextracker during the first quarter valued at $38,699,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity

In related news, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 5,217 shares of the firm's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president owned 409,039 shares of the company's stock, valued at approximately $30,677,925. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,400 shares of company stock valued at $2,053,385 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on NXT shares. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Nextracker in a report on Saturday, September 27th. JPMorgan Chase & Co. increased their price objective on shares of Nextracker from $69.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Wells Fargo & Company increased their price objective on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Northland Securities reaffirmed a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $68.10.

Nextracker Trading Down 1.0%

NASDAQ:NXT opened at $77.55 on Wednesday. The company's 50-day moving average price is $66.50 and its 200-day moving average price is $57.29. The company has a market cap of $11.47 billion, a P/E ratio of 21.13, a P/E/G ratio of 2.47 and a beta of 2.27. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $80.83.

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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