61,200 Shares in Nextracker Inc. $NXT Acquired by Swedbank AB

Key Points

• Swedbank AB has acquired 61,200 shares of Nextracker Inc., valued at approximately $2.579 million, indicating strong institutional interest in the company during the first quarter.
• Multiple hedge funds have also invested in Nextracker, with significant stakes from Strs Ohio and Foresight Group, contributing to a total institutional ownership of 67.41%.
• Nextracker's stock has seen favorable analyst ratings, with a consensus price target of $65.00 and a majority of ratings classified as either "Buy" or "Outperform".

Swedbank AB purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 61,200 shares of the company's stock, valued at approximately $2,579,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in shares of Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC lifted its stake in shares of Nextracker by 72.5% in the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after acquiring an additional 1,105,617 shares during the last quarter. Earnest Partners LLC increased its holdings in Nextracker by 4.4% in the first quarter. Earnest Partners LLC now owns 1,309,424 shares of the company's stock valued at $55,179,000 after purchasing an additional 54,934 shares during the period. Westfield Capital Management Co. LP grew its holdings in Nextracker by 2.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,243,151 shares of the company's stock worth $52,386,000 after acquiring an additional 33,537 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in Nextracker by 30.9% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,011,767 shares of the company's stock worth $42,636,000 after acquiring an additional 238,584 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on NXT. Bank of America lifted their target price on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Susquehanna boosted their price target on shares of Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research note on Monday, July 21st. Cowen reiterated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Northland Capmk cut shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen lowered shares of Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday. 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.84.

Nextracker Price Performance

Shares of NASDAQ NXT traded up $0.87 during trading on Friday, hitting $71.35. 5,968,510 shares of the company were exchanged, compared to its average volume of 1,628,127. The firm's fifty day moving average price is $63.49 and its 200 day moving average price is $54.62. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $72.12. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.64 and a beta of 2.26.

Insider Transactions at Nextracker

In other news, COO Nicholas Marco Miller sold 5,588 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total transaction of $320,304.16. Following the transaction, the chief operating officer directly owned 170,000 shares of the company's stock, valued at approximately $9,744,400. This trade represents a 3.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the sale, the chief financial officer owned 295,059 shares of the company's stock, valued at approximately $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,987 shares of company stock worth $2,321,454 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

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.