Nextracker Inc. (NASDAQ:NXT) Stock Position Reduced by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 89.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,115 shares of the company's stock after selling 97,507 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Nextracker were worth $468,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Fifth Third Bancorp grew its position in Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after buying an additional 260 shares during the last quarter. Sterling Capital Management LLC grew its position in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after buying an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC acquired a new position in Nextracker during the fourth quarter worth about $47,000. Millstone Evans Group LLC acquired a new position in Nextracker during the fourth quarter worth about $48,000. Finally, UMB Bank n.a. lifted its holdings in shares of Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Trading Down 0.5%

NXT stock traded down $0.32 during mid-day trading on Wednesday, hitting $63.62. 998,909 shares of the company were exchanged, compared to its average volume of 2,678,417. The company has a market capitalization of $9.31 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 1.71 and a beta of 2.25. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87. The firm has a fifty day simple moving average of $55.93 and a 200 day simple moving average of $47.36.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 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 transaction of $333,630.00. Following the transaction, the president owned 219,389 shares of the company's stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $539,055.00. Following the transaction, the chief accounting officer directly owned 124,615 shares in the company, valued at approximately $6,853,825. The trade was a 7.29% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 210,476 shares of company stock valued at $12,169,880. Corporate insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NXT. Wells Fargo & Company upped their price target on shares of Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a report on Monday, May 19th. The Goldman Sachs Group upped their price objective on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Truist Financial upped their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Roth Capital reissued a "buy" rating and set a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Finally, Royal Bank Of Canada assumed coverage on shares of Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.67.

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.