Harbor Capital Advisors Inc. Sells 13,279 Shares of Nextracker Inc. $NXT

Key Points

• Harbor Capital Advisors Inc. has reduced its stake in Nextracker Inc. by 6.8%, now holding 180,853 shares valued at approximately $9.83 million.
• Research analysts have generally upgraded their ratings for Nextracker, with Roth Capital raising its price target from $70 to $80, and other firms also increasing their targets to between $66 and $76.
• Nextracker's stock opened at $67.64, with a market cap of $10.01 billion, and a one-year price range between $30.93 and $71.44.

Harbor Capital Advisors Inc. reduced its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 6.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,853 shares of the company's stock after selling 13,279 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.12% of Nextracker worth $9,833,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after buying an additional 577 shares in the last quarter. Summit Securities Group LLC increased its holdings in shares of Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nextracker during the first quarter worth $40,000. Fifth Third Bancorp increased its holdings in shares of Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares in the last quarter. Finally, Virtus Fund Advisers LLC acquired a new position in shares of Nextracker during the fourth quarter worth $47,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NXT has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Roth Capital reiterated a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Zacks Research raised shares of Nextracker to a "hold" rating in a research note on Tuesday, August 12th. Finally, Mizuho set a $66.00 price objective on shares of Nextracker in a research note on Wednesday, July 30th. One 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 stock. According to MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This represents a 56.61% 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, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the sale, the chief operating officer owned 170,000 shares in the company, valued at approximately $9,744,400. This represents a 3.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,987 shares of company stock valued at $2,321,454 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Nextracker Stock Up 2.6%

Nextracker stock traded up $1.77 during trading on Thursday, hitting $70.48. The stock had a trading volume of 1,464,570 shares, compared to its average volume of 2,479,250. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $71.44. The stock's 50 day moving average is $63.29 and its two-hundred day moving average is $54.42. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of 19.20, a price-to-earnings-growth ratio of 1.55 and a beta of 2.26.

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.