Redwood Investment Management LLC Invests $210,000 in Nextracker Inc. $NXT

Key Points

• Redwood Investment Management LLC acquired a new stake in Nextracker Inc., purchasing 4,973 shares valued at approximately $210,000 in the first quarter.
• Hedge funds and institutional investors collectively own 67.41% of Nextracker's stock, with Northwestern Mutual Wealth Management Co. increasing its stake by 703.7%.
• Nextracker's stock price opened at $67.69 and has a 52-week range with a low of $30.93 and a high of $70.14, while analysts have a consensus rating of "Moderate Buy."

Redwood Investment Management LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,973 shares of the company's stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares during the last quarter. Summit Securities Group LLC lifted its stake in shares of 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 buying an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the first quarter worth about $40,000. Virtus Fund Advisers LLC acquired a new position in Nextracker during the fourth quarter worth about $47,000. Finally, Fifth Third Bancorp grew its stake 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 acquiring an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Down 1.3%

NASDAQ:NXT opened at $67.69 on Thursday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $70.14. The company has a market capitalization of $10.02 billion, a P/E ratio of 18.44, a P/E/G ratio of 1.59 and a beta of 2.25. The stock's fifty day moving average is $60.94 and its two-hundred day moving average is $52.05.

Analyst Upgrades and Downgrades

A number of analysts have commented on NXT shares. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. BMO Capital Markets boosted their price objective on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research note on Thursday, May 15th. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Finally, Zacks Research upgraded Nextracker to a "hold" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the transaction, the insider 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the business'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 transaction of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,261 shares of company stock valued at $6,181,028 over the last 90 days. Company insiders own 0.56% of the company's stock.

About Nextracker

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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