Nordea Investment Management AB Increases Holdings in Nextracker Inc. $NXT

Nordea Investment Management AB increased its stake in Nextracker Inc. (NASDAQ:NXT) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 179,990 shares of the company’s stock after purchasing an additional 452 shares during the quarter. Nordea Investment Management AB’s holdings in Nextracker were worth $9,804,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in NXT. Wellington Management Group LLP grew its position in shares of Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC grew its position in shares of Nextracker by 72.5% in the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company’s stock valued at $110,833,000 after purchasing an additional 1,105,617 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Nextracker in the second quarter valued at $58,122,000. Nuveen LLC purchased a new position in shares of Nextracker in the first quarter valued at $40,356,000. Finally, T. Rowe Price Investment Management Inc. purchased a new position in Nextracker during the first quarter worth about $38,699,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NXT. Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on Nextracker from $77.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday. Roth Capital restated a “buy” rating and set a $80.00 target price (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Northland Securities reiterated a “market perform” rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Zacks Research upgraded Nextracker to a “hold” rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.10.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Howard Wenger sold 5,217 shares of the stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $75.00, for a total value of $391,275.00. Following the sale, the president owned 409,039 shares of the company’s stock, valued at $30,677,925. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is owned by insiders.

Nextracker Price Performance

Shares of NXT stock opened at $87.06 on Monday. The stock has a market capitalization of $12.88 billion, a PE ratio of 23.72, a P/E/G ratio of 2.16 and a beta of 2.27. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $93.90. The business has a 50-day moving average of $71.18 and a 200 day moving average of $59.77.

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.