28,361 Shares in Nextracker Inc. $NXT Acquired by Private Client Services LLC

Key Points

• Private Client Services LLC acquired 28,361 shares of Nextracker Inc., valued at approximately $1.54 million, during Q2, indicating growing interest in the solar energy sector.
• Multiple institutional investors have significantly increased their stakes in Nextracker, with Northwestern Mutual Wealth Management Co. raising its investment by 703.7% during Q1.
• Nextracker's stock has seen a recent price target increase from several analysts, including a new target of $80.00 from Roth Capital, reflecting a positive outlook on the company's performance.

Private Client Services LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,361 shares of the company's stock, valued at approximately $1,542,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares during the period. Summit Securities Group LLC raised its stake in 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 acquiring an additional 804 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nextracker during the first quarter valued at $40,000. Virtus Fund Advisers LLC bought a new stake in Nextracker during the 4th quarter valued at $47,000. Finally, Fifth Third Bancorp boosted its holdings in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the sale, the insider directly owned 195,790 shares of the company's stock, valued at $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the firm's 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 transaction, the director owned 7,666 shares of the company's stock, 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 37,987 shares of company stock worth $2,321,454 in the last ninety days. Corporate insiders own 0.56% of the company's stock.

Nextracker Price Performance

NASDAQ NXT traded up $0.79 during trading hours on Thursday, hitting $69.50. The company's stock had a trading volume of 591,317 shares, compared to its average volume of 2,474,006. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $71.44. The company's 50 day simple moving average is $63.14 and its two-hundred day simple moving average is $54.23. The company has a market cap of $10.28 billion, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 1.55 and a beta of 2.26.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Susquehanna lifted their target price on shares of Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. Cowen reissued a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective for the company in a research note on Monday, August 18th. Wall Street Zen raised shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 3rd. Finally, Wells Fargo & Company upped their price objective on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. One 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.