Park Avenue Securities LLC Takes $243,000 Position in Nextracker Inc. $NXT

Key Points

• Park Avenue Securities LLC invested approximately $243,000 in Nextracker Inc. by purchasing 4,463 shares during the second quarter.
• Various hedge funds have significantly increased their stakes in Nextracker, with Northwestern Mutual Wealth Management Co. and Summit Securities Group LLC raising their positions by over 700% in the first quarter.
• Nextracker currently has a market capitalization of $11.19 billion and has received positive ratings from several analysts, with target prices ranging from $69.00 to $88.00.

Park Avenue Securities LLC bought a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,463 shares of the company's stock, valued at approximately $243,000.

A number of other hedge funds also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. grew 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 worth $28,000 after buying an additional 577 shares during the last quarter. Summit Securities Group LLC lifted its stake 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 Nextracker in the first quarter valued at $40,000. 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. Finally, UMB Bank n.a. raised its holdings in Nextracker by 127.2% in 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. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NXT stock opened at $75.62 on Thursday. The company has a market capitalization of $11.19 billion, a price-to-earnings ratio of 20.60, a price-to-earnings-growth ratio of 1.72 and a beta of 2.27. Nextracker Inc. has a one year low of $30.93 and a one year high of $77.79. The company's 50-day moving average is $65.42 and its 200 day moving average is $56.29.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Barclays reaffirmed an "overweight" rating and set a $69.00 target price (up previously from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Susquehanna lifted their price objective on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft started coverage on Nextracker in a report on Tuesday. They set a "buy" rating and a $88.00 target price on the stock. Guggenheim upgraded Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price for the company in a research note on Monday, August 18th. Finally, JPMorgan Chase & Co. upped their price target on Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Nextracker has an average rating of "Moderate Buy" and an average target price of $66.95.

Insider Activity

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the sale, the chief financial officer owned 295,059 shares of the company's stock, valued at approximately $19,830,915.39. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction 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 transaction, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 over the last three months. 0.56% of the stock is currently owned by insiders.

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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