Northern Trust Corp Sells 16,954 Shares of Nextracker Inc. $NXT

Key Points

• Northern Trust Corp reduced its holdings in Nextracker Inc. by 0.9% during Q1, now owning 1,900,070 shares valued at $80,069,000.
• Several institutional investors, including Summit Securities Group LLC, increased their stakes in Nextracker, with Summit raising its position by 796.0%.
• Analysts have raised their price targets for Nextracker, with Truist Financial increasing it from $49.00 to $65.00 and maintaining an "overweight" rating.

Northern Trust Corp cut its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,900,070 shares of the company's stock after selling 16,954 shares during the period. Northern Trust Corp owned 1.30% of Nextracker worth $80,069,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NXT. Summit Securities Group LLC raised its position in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after acquiring an additional 804 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker during the 1st quarter valued at $40,000. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker during the 4th quarter valued at $47,000. Fifth Third Bancorp raised its position in shares of Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Insider Activity at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 5,588 shares of Nextracker stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the sale, the chief operating officer directly owned 170,000 shares in the company, valued at approximately $9,744,400. The trade was a 3.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 186,822 shares of company stock valued at $10,836,212. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. BMO Capital Markets raised 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. Wells Fargo & Company raised their price objective on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Finally, Roth Capital restated a "buy" rating and set a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $68.77 on Monday. The company has a market cap of $10.18 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.60 and a beta of 2.25. The firm's fifty day moving average is $60.45 and its two-hundred day moving average is $51.67. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $70.14.

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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