Nextracker Inc. (NASDAQ:NXT) Position Lessened by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 78.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 380,341 shares of the company's stock after selling 1,420,528 shares during the period. Victory Capital Management Inc. owned about 0.26% of Nextracker worth $16,028,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. New York State Teachers Retirement System increased its holdings in Nextracker by 18.2% in the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after acquiring an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Nextracker during the 1st quarter valued at approximately $210,000. Allspring Global Investments Holdings LLC grew its holdings in Nextracker by 51.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after buying an additional 6,693 shares in the last quarter. GAMMA Investing LLC grew its holdings in Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after buying an additional 1,792 shares in the last quarter. Finally, KBC Group NV grew its holdings in Nextracker by 719.8% during the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after buying an additional 43,820 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider directly owned 195,790 shares in the company, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Nicholas Marco Miller sold 5,588 shares of the firm's stock in a transaction dated 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 transaction, the chief operating officer owned 170,000 shares in the company, valued at approximately $9,744,400. This trade represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock valued at $12,169,880 in the last three months. 0.56% of the stock is owned by company insiders.

Nextracker Stock Up 1.2%

NXT traded up $0.75 during trading on Friday, hitting $64.16. 1,077,665 shares of the stock were exchanged, compared to its average volume of 2,501,755. The stock has a fifty day moving average price of $59.50 and a two-hundred day moving average price of $49.31. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The firm has a market capitalization of $9.38 billion, a P/E ratio of 18.66, a PEG ratio of 1.61 and a beta of 2.25.

Analyst Ratings Changes

A number of research firms have recently commented on NXT. Mizuho reiterated a "neutral" rating and set a $65.00 target price (down from $67.00) on shares of Nextracker in a research report on Monday, July 14th. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Truist Financial raised their price target on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Finally, Barclays lifted their price objective on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Six analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $62.05.

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.