State of Wyoming Makes New Investment in Nextracker Inc. $NXT

Key Points

• The State of Wyoming invested approximately $184,000 to acquire 4,374 shares of Nextracker Inc. during the first quarter, reflecting growing institutional interest in the company.
• Nextracker shares are currently trading at $68.85, up 3.1%, with a market capitalization of $10.19 billion and a price-to-earnings ratio of 18.76.
• Analysts have mixed ratings on Nextracker; while Zacks upgraded it to "hold," Bank of America raised the price target to $69.00 and maintained a "buy" rating.

State of Wyoming bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,374 shares of the company's stock, valued at approximately $184,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NXT. Shell Asset Management Co. lifted its stake in Nextracker by 0.4% in the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after buying an additional 228 shares during the period. Signaturefd LLC grew its holdings in Nextracker by 10.2% in the first quarter. Signaturefd LLC now owns 2,583 shares of the company's stock worth $109,000 after purchasing an additional 239 shares during the period. Trust Investment Advisors increased its stake in Nextracker by 2.8% in the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after purchasing an additional 258 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Nextracker by 27.5% during the first 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, Boston Partners raised its holdings in shares of Nextracker by 2.7% during the first quarter. Boston Partners now owns 10,494 shares of the company's stock valued at $442,000 after purchasing an additional 280 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Nextracker Trading Down 0.5%

Shares of NXT stock traded down $0.36 during trading on Monday, hitting $69.76. The company's stock had a trading volume of 1,717,408 shares, compared to its average volume of 2,516,115. The company has a market cap of $10.32 billion, a PE ratio of 19.01, a P/E/G ratio of 1.63 and a beta of 2.26. The business has a fifty day moving average of $62.66 and a 200-day moving average of $53.31. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $71.44.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NXT. Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Mizuho set a $66.00 price objective on Nextracker in a research note on Wednesday, July 30th. Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price on the stock in a research report on Monday, August 18th. Barclays reissued an "overweight" rating and issued a $69.00 price target (up previously from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Finally, Cowen restated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insiders Place Their Bets

In other news, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was 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 of the company's stock, valued at $435,352.14. This trade represents a 56.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of Nextracker 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 sale, the insider owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,261 shares of company stock worth $6,181,028 over the last 90 days. Company insiders own 0.56% of the company's stock.

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.