Yousif Capital Management LLC Cuts Stock Holdings in Nextracker Inc. $NXT

Yousif Capital Management LLC reduced its position in shares of Nextracker Inc. (NASDAQ:NXT) by 1.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 48,856 shares of the company’s stock after selling 687 shares during the period. Yousif Capital Management LLC’s holdings in Nextracker were worth $2,656,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of NXT. Farther Finance Advisors LLC increased its stake in Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company’s stock worth $67,000 after buying an additional 1,385 shares in the last quarter. GAMMA Investing LLC increased its stake in Nextracker by 189.8% during the 1st 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. Fifth Third Bancorp increased its stake in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after buying an additional 260 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Nextracker by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 16,830 shares of the company’s stock worth $709,000 after buying an additional 440 shares in the last quarter. Finally, North Point Portfolio Managers Corp OH increased its stake in Nextracker by 1.3% during the 1st quarter. North Point Portfolio Managers Corp OH now owns 170,759 shares of the company’s stock worth $7,196,000 after buying an additional 2,233 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on NXT. Zacks Research upgraded Nextracker to a “hold” rating in a research note on Tuesday, August 12th. UBS Group upped their price target on Nextracker from $71.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Roth Capital reaffirmed a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Cowen reaffirmed a “hold” rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Northland Capmk cut Nextracker from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $71.10.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares of the company’s stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is currently owned by insiders.

Nextracker Stock Performance

Shares of Nextracker stock opened at $87.06 on Friday. The firm has a market capitalization of $12.88 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 2.17 and a beta of 2.27. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $93.90. The stock has a 50 day moving average of $71.18 and a 200 day moving average of $59.52.

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.