Allianz Asset Management GmbH Has $4.16 Million Stake in Nextracker Inc. $NXT

Allianz Asset Management GmbH grew its stake in Nextracker Inc. (NASDAQ:NXT) by 34.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,547 shares of the company’s stock after purchasing an additional 19,657 shares during the period. Allianz Asset Management GmbH’s holdings in Nextracker were worth $4,162,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its position in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 577 shares during the last quarter. Summit Securities Group LLC grew its position in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker in the 1st quarter worth $40,000. Quarry LP grew its position in Nextracker by 438.5% in the 1st quarter. Quarry LP now owns 1,917 shares of the company’s stock worth $81,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in Nextracker by 53.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,387 shares of the company’s stock worth $130,000 after purchasing an additional 833 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director directly owned 7,666 shares of the company’s stock, valued at $435,352.14. This trade represents a 56.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction dated 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 of the company’s stock, valued at $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,400 shares of company stock valued at $2,053,385. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on NXT shares. Mizuho set a $76.00 price target on shares of Nextracker in a research report on Monday. Robert W. Baird lifted their target price on shares of Nextracker from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Cowen reiterated a “hold” rating on shares of Nextracker in a research report on Wednesday, July 30th. Needham & Company LLC assumed coverage on shares of Nextracker in a research report on Wednesday. They set a “buy” rating and a $102.00 target price on the stock. Finally, Barclays reiterated an “overweight” rating and set a $92.00 target price on shares of Nextracker in a research report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $77.29.

Nextracker Stock Up 3.2%

Shares of NXT stock opened at $90.38 on Friday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $93.90. The company has a market capitalization of $13.37 billion, a P/E ratio of 24.63, a P/E/G ratio of 2.18 and a beta of 2.27. The firm has a 50-day moving average price of $73.96 and a 200 day moving average price of $60.87.

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.