OMERS ADMINISTRATION Corp Invests $1.53 Million in Nextracker Inc. $NXT

Key Points

• OMERS Administration Corp invested approximately $1.53 million in Nextracker Inc., acquiring 36,300 shares during the first quarter of the year.
• Several institutional investors significantly increased their stakes in Nextracker, with Northwestern Mutual Wealth Management Co. increasing its position by 703.7%.
• Research firms are optimistic about Nextracker, with multiple analysts issuing buy ratings and raising price targets, indicating potential future growth for the stock.

OMERS ADMINISTRATION Corp bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 36,300 shares of the company's stock, valued at approximately $1,530,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC increased its position in shares of Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nextracker during the first quarter worth about $40,000. Virtus Fund Advisers LLC acquired a new stake in shares of Nextracker during the fourth quarter worth about $47,000. Finally, Fifth Third Bancorp increased its position in shares of Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the sale, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. The trade was a 1.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction that occurred 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 completion of the sale, the director directly 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 sold a total of 103,261 shares of company stock worth $6,181,028 over the last quarter. 0.56% of the stock is owned by company insiders.

Nextracker Trading Down 1.2%

Shares of NXT opened at $67.26 on Monday. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $70.14. The stock's 50 day moving average is $61.31 and its two-hundred day moving average is $52.45. The firm has a market capitalization of $9.95 billion, a PE ratio of 18.33, a P/E/G ratio of 1.56 and a beta of 2.26.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NXT. Cowen reiterated a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. BMO Capital Markets raised their price target on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a report on Thursday, May 15th. The Goldman Sachs Group raised their price target on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Susquehanna raised their price target on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a report on Monday, July 21st. One 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 stock. According to data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus price target of $65.00.

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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