Martingale Asset Management L P Reduces Holdings in Nextracker Inc. $NXT

Martingale Asset Management L P reduced its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 13.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 33,001 shares of the company’s stock after selling 5,001 shares during the period. Martingale Asset Management L P’s holdings in Nextracker were worth $1,391,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. New York State Teachers Retirement System grew its holdings in shares of Nextracker by 18.2% during 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 in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Nextracker during the first quarter worth about $210,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Nextracker by 51.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after buying an additional 6,693 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Nextracker by 189.8% during the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock worth $115,000 after buying an additional 1,792 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Nextracker by 719.8% during the first quarter. KBC Group NV now owns 49,908 shares of the company’s stock worth $2,103,000 after buying an additional 43,820 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Susquehanna lifted their price target on shares of Nextracker from $66.00 to $76.00 and gave the stock a “positive” rating in a report on Monday, July 21st. Zacks Research upgraded shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. Northland Capmk downgraded shares of Nextracker from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. BMO Capital Markets boosted their target price on shares of Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a report on Thursday, May 15th. Finally, Piper Sandler restated an “overweight” rating on shares of Nextracker in a report on Thursday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average target price of $65.00.

Nextracker Stock Performance

Nextracker stock opened at $68.77 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $70.14. The firm has a 50 day moving average price of $60.45 and a 200 day moving average price of $51.65. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 1.60 and a beta of 2.25.

Insider Buying and Selling at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the transaction, the chief operating officer directly owned 175,216 shares of the company’s stock, valued at $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the transaction, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 186,822 shares of company stock valued at $10,836,212. 0.56% of the stock is currently owned by corporate insiders.

About Nextracker

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.