Nicola Wealth Management LTD. Has $1.05 Million Stock Position in Nextracker Inc. $NXT

Key Points

• Nicola Wealth Management LTD. reduced its stake in Nextracker Inc. by 47.9% in Q1, leaving it with a position worth approximately $1.05 million.
• Institutional ownership of Nextracker stands at 67.41%, with several large investors significantly increasing their positions during the same period.
• Nextracker's stock has recently received mixed analyst ratings, with upgrades to a "strong-buy" from one firm, while others adjusted their price targets up to $68.00.

Nicola Wealth Management LTD. lowered its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 47.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,000 shares of the company's stock after selling 23,000 shares during the quarter. Nicola Wealth Management LTD.'s holdings in Nextracker were worth $1,054,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after buying an additional 577 shares in the last quarter. Summit Securities Group LLC increased its position in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after buying an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker in the 1st quarter valued at $40,000. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker in the 4th quarter valued at $47,000. Finally, Fifth Third Bancorp increased its position in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after buying an additional 260 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Ratings Changes

NXT has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. The Goldman Sachs Group upped their price objective on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. BMO Capital Markets upped their price objective on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. Finally, Piper Sandler restated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. One research 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Trading Down 0.1%

NXT stock opened at $67.50 on Friday. The stock has a 50-day moving average price of $62.95 and a two-hundred day moving average price of $53.63. The stock has a market cap of $9.99 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 1.57 and a beta of 2.26. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $71.44.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares in the company, valued at approximately $28,997,920. This represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,487 shares of company stock worth $2,019,009 in the last 90 days. Company insiders own 0.56% of the company's stock.

Nextracker 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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