957,677 Shares in Nextracker Inc. $NXT Bought by Nuveen LLC

Key Points

• Nuveen LLC acquired a new stake in Nextracker Inc., purchasing 957,677 shares valued at approximately $40.36 million, which represents about 0.66% ownership in the company.
• Other institutional investors, including Russell Investments and Barclays PLC, have also increased their stakes, contributing to a total of 67.41% of the company's stock being held by institutional investors and hedge funds.
• Nextracker's stock price opened at $60.58, with a year-to-date high of $67.87, and recent analyst ratings reflecting a consensus of "Moderate Buy" with an average price target of $64.37.

Nuveen LLC purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 957,677 shares of the company's stock, valued at approximately $40,356,000. Nuveen LLC owned 0.66% of Nextracker as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its stake 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 purchasing an additional 260 shares during the last quarter. Sterling Capital Management LLC boosted 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 valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker during the 4th quarter valued at approximately $47,000. UMB Bank n.a. increased its position in Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after purchasing an additional 842 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after purchasing an additional 1,385 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of research reports. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Zacks Research upgraded shares of Nextracker to a "hold" rating in a report on Tuesday, August 12th. 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. Roth Capital reaffirmed a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Finally, TD Cowen increased their price target on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Nextracker Trading Down 0.5%

Nextracker stock traded down $0.35 during midday trading on Wednesday, reaching $66.21. The stock had a trading volume of 1,566,737 shares, compared to its average volume of 2,564,871. The company has a fifty day moving average price of $60.07 and a two-hundred day moving average price of $51.27. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $70.14. The company has a market capitalization of $9.80 billion, a P/E ratio of 18.04, a PEG ratio of 1.57 and a beta of 2.25.

Insider Transactions at Nextracker

In related news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the transaction, the chief operating officer directly owned 170,000 shares in the company, valued at $9,744,400. This trade represents a 3.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 6,980 shares of the business's 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 sale, the insider owned 195,790 shares of the company's stock, valued at $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 184,136 shares of company stock worth $10,605,803. Insiders own 0.56% of the company's stock.

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.