Tocqueville Asset Management L.P. Buys 22,378 Shares of Nextracker Inc. $NXT

Key Points

• Tocqueville Asset Management L.P. increased its stake in Nextracker Inc. by 49.6%, acquiring an additional 22,378 shares, bringing their total holdings to 67,533 shares worth approximately $2.85 million.
• Investment analysts have raised their price targets for Nextracker, with Goldman Sachs increasing theirs from $61 to $68 and Roth Capital adjusting theirs to $80, indicating a generally positive outlook for the stock.
• Insider trading activity included COO Nicholas Marco Miller selling 5,588 shares and Director William D. Watkins selling 10,000 shares, reflecting a 3.18% and 56.61% decrease in their respective holdings.

Tocqueville Asset Management L.P. lifted its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 49.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,533 shares of the company's stock after buying an additional 22,378 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Nextracker were worth $2,846,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Nextracker in the first quarter worth about $40,000. Fifth Third Bancorp lifted its holdings in Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker in the 4th quarter worth approximately $47,000. Finally, UMB Bank n.a. lifted its holdings in Nextracker by 127.2% in the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after purchasing an additional 842 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Analysts Set New Price Targets

NXT has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their price target on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Roth Capital reissued a "buy" rating and issued a $80.00 price target (up from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. UBS Group boosted their price target on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Ten investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $64.37.

Nextracker Price Performance

Nextracker stock opened at $60.58 on Monday. The stock has a market cap of $8.96 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.41 and a beta of 2.25. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $67.87. The firm has a 50-day moving average of $59.75 and a two-hundred day moving average of $51.05.

Insider Activity at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 5,588 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer directly owned 170,000 shares of the company's stock, valued at $9,744,400. The trade was a 3.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director directly owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,136 shares of company stock valued at $10,605,803 in the last quarter. Corporate 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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