United Services Automobile Association purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,129 shares of the company's stock, valued at approximately $394,000.
Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its position 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 raised its position in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Nextracker during the 1st quarter worth $40,000. Fifth Third Bancorp raised its position in Nextracker by 27.5% during 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 during the last quarter. Finally, Virtus Fund Advisers LLC bought a new position in Nextracker during the 4th quarter worth $47,000. 67.41% of the stock is owned by institutional investors.
Insiders Place Their Bets
In related news, 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 owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% 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 valued at $2,321,454 over the last quarter. Insiders own 0.56% of the company's stock.
Analyst Ratings Changes
Several brokerages recently issued reports on NXT. Mizuho set a $66.00 target price on Nextracker in a research report on Wednesday, July 30th. Roth Capital reaffirmed a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Susquehanna lifted their price objective on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. Zacks Research raised Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.
Get Our Latest Stock Report on Nextracker
Nextracker Stock Performance
NXT traded up $1.71 during trading on Wednesday, reaching $68.56. The stock had a trading volume of 210,790 shares, compared to its average volume of 2,476,026. The stock has a market cap of $10.14 billion, a PE ratio of 18.78, a PEG ratio of 1.57 and a beta of 2.26. Nextracker Inc. has a one year low of $30.93 and a one year high of $71.44. The business has a 50-day moving average of $63.04 and a 200-day moving average of $54.13.
Nextracker Company Profile
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Free Report)
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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