Nextracker Inc. (NASDAQ:NXT) Position Trimmed by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank has reduced its stake in Nextracker Inc. by 15.6%, selling 273,681 shares and retaining approximately 1.02% ownership valued at $62.37 million.
• Several institutional investors have increased their positions in Nextracker, with 67.41% of the company’s stock now held by institutional investors.
• Analysts have varied outlooks on Nextracker, with price target adjustments ranging from $55 to $76, reflecting a general sentiment of "Moderate Buy."

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,480,167 shares of the company's stock after selling 273,681 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 1.02% of Nextracker worth $62,374,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in Nextracker during the fourth quarter valued at $106,166,000. Encompass Capital Advisors LLC bought a new stake in shares of Nextracker in the 4th quarter worth about $55,690,000. Invesco Ltd. boosted its stake in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the period. Balyasny Asset Management L.P. boosted its stake in shares of Nextracker by 8,408.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock worth $30,578,000 after purchasing an additional 827,229 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in shares of Nextracker by 3,773.2% during the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock worth $34,950,000 after purchasing an additional 807,954 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 5,216 shares of Nextracker stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $65.00, for a total transaction of $339,040.00. Following the transaction, the president directly owned 419,959 shares of the company's stock, valued at $27,297,335. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the sale, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 210,476 shares of company stock valued at $12,169,880 over the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Trading Down 8.8%

Shares of Nextracker stock traded down $5.70 during mid-day trading on Wednesday, hitting $59.20. 4,521,909 shares of the stock were exchanged, compared to its average volume of 2,524,560. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 1.61 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 company has a 50-day simple moving average of $59.87 and a 200 day simple moving average of $49.82.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NXT shares. Truist Financial lifted their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Roth Capital reaffirmed a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Nextracker in a research note on Tuesday. Barclays lifted their price target on shares of Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Mizuho set a $66.00 price objective on shares of Nextracker in a report on Wednesday. Finally, Guggenheim lowered shares of Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. Eight equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and an average price target of $63.29.

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.