Pacer Advisors Inc. Increases Holdings in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Pacer Advisors Inc. increased its stake in Nextracker Inc. by 3,773.2%, owning approximately 0.57% of the company with a value of $34.95 million after purchasing over 807,000 shares.
• Several other institutional investors have also significantly boosted their holdings in Nextracker, highlighting a growing interest with 67.41% of the stock now owned by institutional investors.
• Analysts are optimistic about Nextracker's growth, with target prices ranging from $62.05 to $76.00 and a general consensus rating of "Moderate Buy."

Pacer Advisors Inc. boosted its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 3,773.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 829,367 shares of the company's stock after purchasing an additional 807,954 shares during the period. Pacer Advisors Inc. owned 0.57% of Nextracker worth $34,950,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Sterling Capital Management LLC boosted its holdings in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the period. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker in the 4th quarter worth approximately $47,000. Fifth Third Bancorp increased its position in 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. UMB Bank n.a. lifted its stake in 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 acquiring an additional 842 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in Nextracker by 92.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock valued at $66,000 after buying an additional 873 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares in the company, valued at $10,451,634.40. The trade was a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock worth $12,169,880 in the last quarter. Corporate insiders own 0.56% of the company's stock.

Nextracker Stock Performance

Shares of NXT stock traded down $5.23 during mid-day trading on Wednesday, hitting $59.67. The company's stock had a trading volume of 3,275,673 shares, compared to its average volume of 2,516,272. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87. The company's fifty day simple moving average is $59.87 and its 200-day simple moving average is $49.82. The company has a market cap of $8.73 billion, a PE ratio of 17.27, a P/E/G ratio of 1.61 and a beta of 2.25.

Analyst Ratings Changes

NXT has been the subject of a number of analyst reports. Truist Financial boosted their price target on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Robert W. Baird boosted their price target on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Finally, Mizuho set a $66.00 target price on shares of Nextracker in a report on Wednesday. Eight analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.29.

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.