Nextracker Inc. $NXT Stock Holdings Trimmed by Aberdeen Group plc

Key Points

• Aberdeen Group plc reduced its holdings in Nextracker Inc. (NASDAQ:NXT) by 6.6%, now owning 90,210 shares valued at approximately $3.8 million.
• Investment analysts have shown positive sentiment towards Nextracker, with Bank of America raising its price target to $69.00 while others have given it an average target of $65.00 amidst a consensus rating of "Moderate Buy".
• Insider trading activity included the sale of over 189,000 shares by company insiders in the last three months, indicating a significant decrease in their ownership stakes.

Aberdeen Group plc lessened its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 6.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 90,210 shares of the company's stock after selling 6,421 shares during the quarter. Aberdeen Group plc owned about 0.06% of Nextracker worth $3,801,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Nextracker in the fourth quarter worth about $4,711,000. Sterling Capital Management LLC lifted its stake in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares during the period. Mariner LLC raised its holdings in Nextracker by 4.3% during the fourth quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after purchasing an additional 469 shares in the last quarter. XTX Topco Ltd acquired a new stake in Nextracker in the fourth quarter worth approximately $237,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Nextracker in the fourth quarter worth approximately $237,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NXT has been the topic of several research analyst reports. Bank of America lifted their price target on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. Mizuho set a $66.00 price objective on shares of Nextracker in a research report on Wednesday, July 30th. Finally, Northland Capmk cut shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Stock Down 0.6%

NASDAQ:NXT opened at $66.13 on Thursday. The stock has a fifty day simple moving average of $60.19 and a 200 day simple moving average of $51.38. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 1.55 and a beta of 2.25. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $70.14.

Insider Activity

In other news, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the transaction, the insider directly owned 195,790 shares of the company's stock, valued at $10,907,460.90. This trade represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the company's 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 completion of the sale, the director owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,839 shares of company stock valued at $11,005,013. Corporate insiders own 0.56% of the company's stock.

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.

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