Stratos Wealth Advisors LLC Takes $1.75 Million Position in Nextracker Inc. (NASDAQ:NXT)

Stratos Wealth Advisors LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 41,574 shares of the company's stock, valued at approximately $1,752,000.

A number of other institutional investors also recently modified their holdings of NXT. Sterling Capital Management LLC grew its position in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares during the period. Virtus Fund Advisers LLC bought a new position in shares of Nextracker in the fourth quarter valued at $47,000. Millstone Evans Group LLC acquired a new position in shares of Nextracker during the fourth quarter valued at about $48,000. Fifth Third Bancorp increased its position in shares of Nextracker by 27.5% during 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. Finally, UMB Bank n.a. increased its position in shares of Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after acquiring an additional 842 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer directly owned 124,615 shares of the company's stock, valued at approximately $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president directly owned 219,389 shares of the company's stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock valued at $12,169,880 in the last three months. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NXT shares. Guggenheim lowered shares of Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. The Goldman Sachs Group boosted their price objective on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Truist Financial raised their target price on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Finally, Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.67.

Nextracker Trading Down 3.8%

Shares of NASDAQ NXT opened at $63.94 on Wednesday. The stock has a fifty day simple moving average of $55.93 and a two-hundred day simple moving average of $47.36. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 1.71 and a beta of 2.25.

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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