Vanguard Group Inc. Trims Stake in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Vanguard Group Inc. reduced its stake in Nextracker Inc. by 0.6%, owning approximately 13.77 million shares worth about $580.1 million as per its recent SEC filing.
• Several institutional investors, including Fifth Third Bancorp and Farther Finance Advisors LLC, have increased their positions significantly in Nextracker, indicating growing interest in the company.
• Analysts have set the consensus target price for Nextracker at $64.37, with several firms recently boosting their price targets, reflecting positive sentiment towards the stock.

Vanguard Group Inc. decreased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,766,206 shares of the company's stock after selling 77,791 shares during the period. Vanguard Group Inc. owned about 9.45% of Nextracker worth $580,108,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Encompass Capital Advisors LLC purchased a new position in shares of Nextracker during the fourth quarter valued at $55,690,000. Balyasny Asset Management L.P. increased its stake in shares of Nextracker by 8,408.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock valued at $30,578,000 after buying an additional 827,229 shares during the period. Pacer Advisors Inc. increased its stake in shares of Nextracker by 3,773.2% during the first quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock valued at $34,950,000 after buying an additional 807,954 shares during the period. Goodlander Investment Management LLC purchased a new position in shares of Nextracker during the fourth quarter valued at $18,996,000. Finally, Sourcerock Group LLC purchased a new position in shares of Nextracker during the fourth quarter valued at $18,651,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Price Performance

NASDAQ NXT traded up $6.59 during trading on Friday, hitting $60.58. The company's stock had a trading volume of 6,047,404 shares, compared to its average volume of 2,315,999. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $67.87. The company has a market cap of $8.96 billion, a PE ratio of 16.51, a P/E/G ratio of 1.26 and a beta of 2.25. The business's 50 day simple moving average is $59.75 and its 200-day simple moving average is $51.04.

Insider Transactions at Nextracker

In related news, COO Nicholas Marco Miller sold 5,588 shares of Nextracker stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total transaction of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares of the company's stock, valued at $9,744,400. The trade was a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the director directly owned 7,666 shares of the company's stock, valued at $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,136 shares of company stock worth $10,605,803. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Barclays restated an "overweight" rating and set a $69.00 price target (up previously from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. UBS Group raised their price objective on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. 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, Zacks Research raised Nextracker to a "hold" rating in a research report on Tuesday. Ten equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.37.

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.