Livforsakringsbolaget Skandia Omsesidigt Buys 14,800 Shares of Nextracker Inc. $NXT

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in Nextracker Inc. by 44.3% during Q2, now owning 48,234 shares valued at approximately $2.62 million.
• Multiple hedge funds raised their positions in Nextracker, with Northwestern Mutual Wealth Management increasing its stake by an astonishing 703.7% in Q1.
• Nextracker's shares have seen significant price movement, with a 12-month high of $72.12 and a recent consensus target price from analysts set at $65.84, indicating a moderately optimistic outlook.

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 44.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,234 shares of the company's stock after acquiring an additional 14,800 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Nextracker were worth $2,622,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Nextracker by 703.7% in 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 boosted its stake in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Nextracker in the 1st quarter valued at about $40,000. Fifth Third Bancorp boosted its stake in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of Nextracker by 127.2% in the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

NXT stock traded down $1.17 during mid-day trading on Tuesday, hitting $71.98. The company had a trading volume of 477,598 shares, compared to its average volume of 2,482,230. The stock's fifty day moving average price is $63.75 and its two-hundred day moving average price is $55.01. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $73.84. The firm has a market cap of $10.65 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.66 and a beta of 2.26.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Bank of America increased their target price on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday. UBS Group upped their target price on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Barclays restated an "overweight" rating and set a $69.00 target price (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and an average price target of $65.84.

Insider Activity

In related news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The shares were 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 of the company's stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Charles D. Boynton sold 4,500 shares of the company's 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 sale, the chief financial officer directly owned 295,059 shares in the company, valued at approximately $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. In the last three months, insiders sold 37,987 shares of company stock worth $2,321,454. 0.56% of the stock is currently owned by insiders.

Nextracker Company 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.