Vontobel Holding Ltd. Lowers Holdings in Nextracker Inc. $NXT

Key Points

• Vontobel Holding Ltd. has reduced its stake in Nextracker Inc. by 38.5%, bringing its total holdings down to 13,018 shares worth approximately $708,000.
• Other institutional investors have increased their positions in Nextracker, with notable raises from the New York State Teachers Retirement System (by 18.2%) and KBC Group NV (by 719.8%).
• Analysts have a consensus rating of "Moderate Buy" for Nextracker, with the stock's price target ranging from $70.35 to $89.00, reflecting positive market sentiment.

Vontobel Holding Ltd. lessened its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 38.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,018 shares of the company's stock after selling 8,146 shares during the quarter. Vontobel Holding Ltd.'s holdings in Nextracker were worth $708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on NXT shares. UBS Group boosted their price target on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group boosted their target price on Nextracker from $79.00 to $89.00 and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Roth Capital reissued a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Finally, Zacks Research raised shares of Nextracker to a "hold" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.35.

Insider Buying and Selling

In other news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the sale, the chief financial officer directly owned 295,059 shares in the company, valued at $19,830,915.39. This represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Howard Wenger sold 5,217 shares of the company's stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total value of $391,275.00. Following the completion of the sale, the president owned 409,039 shares of the company's stock, valued at $30,677,925. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,400 shares of company stock valued at $2,053,385. Company insiders own 0.56% of the company's stock.

Nextracker Trading Up 5.0%

Shares of NXT stock opened at $86.96 on Tuesday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $87.53. The stock has a market cap of $12.87 billion, a P/E ratio of 23.69, a P/E/G ratio of 2.57 and a beta of 2.27. The company has a 50 day simple moving average of $68.54 and a two-hundred day simple moving average of $58.47.

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.

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