Nextracker Inc. $NXT Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC reduced its stake in Nextracker Inc. by 53.9%, now owning approximately 1,046,495 shares valued at $44,099,000.
• Several institutional investors increased their holdings in Nextracker, with KBC Group NV growing its stake by 719.8%, bringing its total ownership to 49,908 shares valued at $2,103,000.
• Nextracker's stock has seen fluctuations, opening at $66.70 recently, with a 52-week price range between $30.93 and $71.44.

Voya Investment Management LLC lessened its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 53.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,046,495 shares of the company's stock after selling 1,225,915 shares during the period. Voya Investment Management LLC owned about 0.72% of Nextracker worth $44,099,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. New York State Teachers Retirement System raised its position in shares of Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after buying an additional 19,247 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Nextracker in the first quarter valued at approximately $210,000. Allspring Global Investments Holdings LLC grew its holdings in Nextracker by 51.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after purchasing an additional 6,693 shares during the period. GAMMA Investing LLC grew its holdings in Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after purchasing an additional 1,792 shares during the period. Finally, KBC Group NV grew its holdings in Nextracker by 719.8% in the first quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $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 business's stock in a transaction 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 transaction, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 5,703 shares of the business'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 transaction, the president directly 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. In the last three months, insiders sold 33,487 shares of company stock valued at $2,019,009. 0.56% of the stock is currently owned by company insiders.

Nextracker Stock Down 1.2%

NXT opened at $66.70 on Friday. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $71.44. The company has a 50 day moving average of $62.96 and a two-hundred day moving average of $53.81. The company has a market cap of $9.87 billion, a P/E ratio of 18.17, a P/E/G ratio of 1.57 and a beta of 2.26.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Susquehanna boosted their target price on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Cowen restated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. UBS Group boosted their price objective on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company boosted their price objective on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $65.00.

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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