Swedbank AB Increases Stake in Nextracker Inc. $NXT

Key Points

• Swedbank AB increased its holdings in Nextracker Inc. by 86.3%, owning approximately 114,000 shares worth $6.2 million at the end of the second quarter.
• A collection of institutional investors also significantly boosted their stakes in Nextracker, with Northwestern Mutual Wealth Management Co. increasing its holdings by 703.7% during the first quarter.
• Analysts have mixed opinions on Nextracker, with Mizuho setting a target price of $66.00 while JPMorgan Chase & Co. increased theirs from $69.00 to $77.00, giving the stock an "overweight" rating.

Swedbank AB grew its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 86.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 114,000 shares of the company's stock after acquiring an additional 52,800 shares during the period. Swedbank AB owned about 0.08% of Nextracker worth $6,198,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Flputnam Investment Management Co. lifted its stake in shares of Nextracker by 2.4% during the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after buying an additional 201 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Nextracker by 10.2% in the first quarter. Signaturefd LLC now owns 2,583 shares of the company's stock worth $109,000 after acquiring an additional 239 shares during the period. Trust Investment Advisors boosted its holdings in shares of Nextracker by 2.8% in the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock worth $405,000 after acquiring an additional 258 shares during the period. Fifth Third Bancorp boosted its holdings in shares of 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 during the period. Finally, Boston Partners grew its holdings in Nextracker by 2.7% during the 1st quarter. Boston Partners now owns 10,494 shares of the company's stock valued at $442,000 after buying an additional 280 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Up 2.5%

Shares of Nextracker stock traded up $1.79 on Monday, reaching $73.14. The company's stock had a trading volume of 1,595,044 shares, compared to its average volume of 1,819,766. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $73.23. The firm's fifty day simple moving average is $63.75 and its two-hundred day simple moving average is $55.01. The company has a market capitalization of $10.82 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 1.66 and a beta of 2.26.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was 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 of the company's stock, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 5,703 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares in the company, valued at $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,987 shares of company stock valued at $2,321,454. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Barclays reiterated an "overweight" rating and set a $69.00 price target (up previously from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Guggenheim upgraded Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a research report on Monday, August 18th. JPMorgan Chase & Co. boosted their price target on shares of Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Cowen reissued a "hold" rating on shares of Nextracker in a research note on Wednesday, July 30th. One investment 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $65.84.

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.