Vontobel Holding Ltd. Lowers Stake in Nextracker Inc. (NASDAQ:NXT)

Vontobel Holding Ltd. lowered its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 51.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,164 shares of the company's stock after selling 22,154 shares during the period. Vontobel Holding Ltd.'s holdings in Nextracker were worth $892,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Oppenheimer & Co. Inc. purchased a new stake in shares of Nextracker during the 4th quarter valued at $286,000. Proficio Capital Partners LLC purchased a new stake in shares of Nextracker during the 4th quarter valued at $961,000. Jones Financial Companies Lllp lifted its holdings in shares of Nextracker by 115.1% during the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company's stock valued at $482,000 after purchasing an additional 7,056 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Nextracker by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company's stock valued at $48,624,000 after purchasing an additional 10,162 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Nextracker by 6.1% during the 4th quarter. Arizona State Retirement System now owns 41,590 shares of the company's stock valued at $1,519,000 after purchasing an additional 2,406 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 83,561 shares of the firm's 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 sale, the insider directly owned 195,790 shares in the company, valued at $10,907,460.90. This trade represents a 29.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares in the company, valued at $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 210,476 shares of company stock worth $12,169,880. Corporate insiders own 0.56% of the company's stock.

Nextracker Stock Performance

NASDAQ NXT opened at $66.27 on Friday. The stock has a 50-day simple moving average of $55.04 and a two-hundred day simple moving average of $46.93. The firm has a market capitalization of $9.69 billion, a P/E ratio of 19.10, a PEG ratio of 1.71 and a beta of 2.25. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $66.54.

Analysts Set New Price Targets

Several analysts have recently commented on NXT shares. Wall Street Zen upgraded Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. The Goldman Sachs Group increased their price objective on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. TD Cowen raised their target price on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday, May 15th. Finally, Susquehanna raised their target price on Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research note on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $60.33.

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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