Private Client Services LLC Acquires New Holdings in Nextracker Inc. $NXT

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 acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 28,361 shares of the company's stock, valued at approximately $1,542,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake 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 valued at $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC raised its position 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 in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Nextracker in the first quarter worth about $40,000. Virtus Fund Advisers LLC bought a new stake in Nextracker in the fourth quarter worth about $47,000. Finally, Fifth Third Bancorp raised its position in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after acquiring an additional 260 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Trading Down 1.2%

Shares of NXT opened at $66.70 on Friday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $71.44. The business's 50-day moving average price is $62.96 and its 200 day moving average price is $53.77. The stock has a market capitalization of $9.87 billion, a P/E ratio of 18.17, a P/E/G ratio of 1.57 and a beta of 2.26.

Insiders Place Their Bets

In other Nextracker news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the transaction, the director owned 7,666 shares of the company's stock, valued at $435,352.14. The trade was a 56.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction dated Friday, August 8th. The shares were 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 in the company, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,487 shares of company stock worth $2,019,009. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

NXT has been the topic of several research reports. Roth Capital reiterated a "buy" rating and issued a $80.00 price target (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Bank of America lifted their price target on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 3rd. One equities research 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 company. According to MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and a consensus 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.

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