Nextracker Inc. $NXT Shares Sold by Renaissance Capital LLC

Key Points

• Renaissance Capital LLC sold 33.8% of its holdings in Nextracker Inc., reducing its shares to 100,035, which now represent 3.8% of its investment portfolio.
• Insider transactions included Director William D. Watkins selling 10,000 shares, and President Howard Wenger selling 5,703 shares, indicating a significant decrease in their ownership stakes.
• Nextracker's stock is currently priced at $76.13, with several analysts raising their price targets, pushing the average target to $65.84, indicating overall positive sentiment in the market.

Renaissance Capital LLC decreased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 33.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 100,035 shares of the company's stock after selling 51,166 shares during the quarter. Nextracker accounts for about 3.8% of Renaissance Capital LLC's investment portfolio, making the stock its 11th largest position. Renaissance Capital LLC owned approximately 0.07% of Nextracker worth $5,439,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. New York State Teachers Retirement System boosted its stake in Nextracker by 18.2% in the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after purchasing an additional 19,247 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Nextracker in the 1st quarter worth approximately $210,000. Allspring Global Investments Holdings LLC boosted its stake in Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after purchasing an additional 6,693 shares during the period. GAMMA Investing LLC boosted its stake in Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after purchasing an additional 1,792 shares during the period. Finally, KBC Group NV boosted its stake in Nextracker by 719.8% in the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock worth $2,103,000 after purchasing an additional 43,820 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity

In other news, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director directly owned 7,666 shares of the company's stock, valued at $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 available through this link. Also, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the sale, the president owned 414,256 shares in the company, valued at approximately $28,997,920. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,399 shares of company stock valued at $2,001,150 over the last three months. 0.56% of the stock is owned by corporate insiders.

Nextracker Trading Up 4.2%

Shares of Nextracker stock opened at $76.13 on Tuesday. The stock has a market capitalization of $11.26 billion, a price-to-earnings ratio of 20.74, a P/E/G ratio of 1.70 and a beta of 2.26. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $76.81. The firm's 50-day moving average price is $64.93 and its two-hundred day moving average price is $56.03.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. UBS Group upped their price target on shares of Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft began coverage on shares of Nextracker in a research report on Tuesday. They set a "buy" rating for the company. Zacks Research raised shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Finally, Northland Securities reaffirmed a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $65.84.

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.

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