Nextracker Inc. $NXT Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. has reduced its holdings in Nextracker Inc. by 44.2%, now owning 30,708 shares valued at $1,670,000 after selling 24,335 shares during the second quarter.
• Intriguingly, several institutional investors have significantly increased their stakes in Nextracker, with Northwestern Mutual Wealth Management Co. boosting its holdings by 703.7% in the first quarter.
• Nextracker recently experienced various analyst ratings changes, with Barclays upgrading it to an "overweight" rating and a price target increase to $69.00, while other analysts have adjusted their ratings from "strong-buy" to "hold."

Assenagon Asset Management S.A. lowered its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 44.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,708 shares of the company's stock after selling 24,335 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Nextracker were worth $1,670,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NXT. Northwestern Mutual Wealth Management Co. boosted its holdings in Nextracker by 703.7% in the first 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 during the last quarter. Summit Securities Group LLC boosted its holdings in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after acquiring an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Nextracker in the first quarter valued at $40,000. Fifth Third Bancorp boosted its holdings in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after acquiring an additional 842 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, 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 that occurred on Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the sale, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,399 shares of company stock worth $2,001,150. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NXT shares. Barclays reiterated an "overweight" rating and issued a $69.00 target price (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Guggenheim upgraded Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective on the stock in a research note on Monday, August 18th. Mizuho set a $66.00 price objective on Nextracker in a research note on Wednesday, July 30th. Finally, Wall Street Zen cut Nextracker from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.84.

Nextracker Stock Performance

NASDAQ:NXT opened at $73.07 on Friday. Nextracker Inc. has a one year low of $30.93 and a one year high of $74.48. The business's 50-day simple moving average is $64.63 and its 200 day simple moving average is $55.65. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 1.71 and a beta of 2.26.

Nextracker 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.

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