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

Several other hedge funds have also recently added to or reduced their stakes in NXT. Wellington Management Group LLP raised its stake in Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after acquiring an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in Nextracker by 72.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after acquiring an additional 1,105,617 shares in the last quarter. Nuveen LLC bought a new stake in Nextracker during the 1st quarter valued at $40,356,000. T. Rowe Price Investment Management Inc. bought a new stake in Nextracker during the 1st quarter valued at $38,699,000. Finally, Pacer Advisors Inc. raised its stake in Nextracker by 3,773.2% during the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock valued at $34,950,000 after acquiring an additional 807,954 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Trading Up 0.7%

Shares of Nextracker stock traded up $0.50 on Thursday, reaching $69.21. 379,115 shares of the company were exchanged, compared to its average volume of 2,472,942. The stock has a fifty day moving average price of $63.14 and a 200-day moving average price of $54.23. The firm has a market capitalization of $10.24 billion, a price-to-earnings ratio of 18.88, a price-to-earnings-growth ratio of 1.55 and a beta of 2.26. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $71.44.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction on Tuesday, August 5th. The shares were 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 $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,987 shares of company stock valued at $2,321,454 in the last ninety days. Company insiders own 0.56% of the company's stock.

Analyst Ratings Changes

NXT has been the topic of a number of research reports. Robert W. Baird boosted their price objective on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Barclays reissued an "overweight" rating and issued a $69.00 price objective (up previously from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Northland Securities reissued a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Mizuho set a $66.00 price objective on Nextracker in a research note on Wednesday, July 30th. Finally, Northland Capmk downgraded Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

About Nextracker

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.