Perpetual Ltd Has $273,000 Holdings in Nextracker Inc. $NXT

Key Points

• Perpetual Ltd has reduced its stake in Nextracker Inc. by 51%, now holding shares valued at $273,000 as of its latest SEC filing.
• Institutional investors collectively own 67.41% of Nextracker's shares, with significant increases in holdings from firms like Wellington Management and Encompass Capital Advisors during the 1st quarter.
• Recent analyst ratings show optimism for Nextracker, with a consensus rating of "Moderate Buy" and an average target price of $65.84.

Perpetual Ltd reduced its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 51.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,022 shares of the company's stock after selling 5,222 shares during the period. Perpetual Ltd's holdings in Nextracker were worth $273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of NXT. Flputnam Investment Management Co. boosted its position in shares of Nextracker by 2.4% in the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock worth $363,000 after purchasing an additional 201 shares during the period. Signaturefd LLC increased its stake in Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock worth $109,000 after acquiring an additional 239 shares during the last quarter. Trust Investment Advisors boosted its holdings in shares of Nextracker by 2.8% in the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock worth $405,000 after purchasing an additional 258 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares during the period. Finally, Boston Partners boosted its holdings in Nextracker by 2.7% during the 1st quarter. Boston Partners now owns 10,494 shares of the company's stock valued at $442,000 after acquiring an additional 280 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider directly owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 5,588 shares of the 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 completion of the sale, the chief operating officer owned 170,000 shares of the company's stock, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,987 shares of company stock worth $2,321,454. Corporate insiders own 0.56% of the company's stock.

Nextracker Price Performance

NASDAQ:NXT traded up $1.79 during trading hours on Monday, reaching $73.14. 1,595,044 shares of the company traded hands, compared to its average volume of 1,819,766. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $73.23. The stock has a market cap of $10.82 billion, a P/E ratio of 18.73, a P/E/G ratio of 1.66 and a beta of 2.26. The firm's 50-day moving average is $63.75 and its 200-day moving average is $55.01.

Wall Street Analysts Forecast Growth

NXT has been the subject of several recent research reports. Robert W. Baird boosted their price target on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. TD Cowen raised their target price on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Wall Street Zen cut Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, UBS Group lifted their price target on shares of Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. One equities research 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's stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.84.

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.