United Services Automobile Association Makes New $394,000 Investment in Nextracker Inc. $NXT

Key Points

• United Services Automobile Association has made a new investment in Nextracker Inc. by acquiring 9,129 shares valued at approximately $394,000.
• Major institutional investors like Wellington Management and Pacer Advisors have substantially increased their stakes in Nextracker, indicating strong market interest in the company.
• Analyst ratings for Nextracker are mixed, with several cutting their ratings while others, including Goldman Sachs, raised their price targets, reflecting ongoing market volatility for the stock.

United Services Automobile Association bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 9,129 shares of the company's stock, valued at approximately $394,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in NXT. Wellington Management Group LLP lifted its stake in shares of Nextracker by 56.5% in the 1st 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 during the period. 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 purchasing an additional 1,105,617 shares during the period. Nuveen LLC purchased a new position in shares of Nextracker in the 1st quarter valued at approximately $40,356,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Nextracker in the 1st quarter valued at approximately $38,699,000. Finally, Pacer Advisors Inc. lifted its stake in shares of Nextracker by 3,773.2% in the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock valued at $34,950,000 after purchasing an additional 807,954 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Ratings Changes

NXT has been the subject of a number of research analyst reports. Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Roth Capital reaffirmed a "buy" rating and set a $80.00 price objective (up previously from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. The Goldman Sachs Group raised their price objective on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Bank of America raised their price objective on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Insiders Place Their Bets

In other Nextracker news, Director William D. Watkins sold 10,000 shares of Nextracker 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 completion of the sale, the director owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of Nextracker stock in a transaction on Wednesday, June 25th. The stock was 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 approximately $9,744,400. The trade was a 3.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,487 shares of company stock worth $2,019,009 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Nextracker Trading Down 0.1%

Nextracker stock opened at $67.50 on Friday. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 1.57 and a beta of 2.26. The stock has a fifty day simple moving average of $62.95 and a two-hundred day simple moving average of $53.63. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $71.44.

Nextracker 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.

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