Asset Management One Co. Ltd. Decreases Position in Nextracker Inc. $NXT

Asset Management One Co. Ltd. decreased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 13.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,296 shares of the company’s stock after selling 11,809 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Nextracker were worth $4,039,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. New York State Teachers Retirement System raised its stake 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 purchasing an additional 19,247 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Nextracker during the first quarter worth $210,000. Allspring Global Investments Holdings LLC grew its holdings in 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 acquiring an additional 6,693 shares during the period. GAMMA Investing LLC grew its holdings in Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock valued at $115,000 after purchasing an additional 1,792 shares during the last quarter. Finally, KBC Group NV grew its holdings in Nextracker by 719.8% in the first quarter. KBC Group NV now owns 49,908 shares of the company’s stock valued at $2,103,000 after purchasing an additional 43,820 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 5,217 shares of Nextracker stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total value of $391,275.00. Following the transaction, the president directly owned 409,039 shares in the company, valued at $30,677,925. The trade was a 1.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction 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 owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,400 shares of company stock worth $2,053,385 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

NASDAQ:NXT opened at $97.00 on Wednesday. Nextracker Inc. has a 12-month low of $31.18 and a 12-month high of $101.98. The business has a 50 day simple moving average of $75.94 and a 200 day simple moving average of $62.45. The firm has a market capitalization of $14.35 billion, a P/E ratio of 25.19, a P/E/G ratio of 2.46 and a beta of 2.27.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Needham & Company LLC began coverage on Nextracker in a research note on Wednesday, October 22nd. They set a “buy” rating and a $102.00 price objective on the stock. Susquehanna raised their price objective on Nextracker from $76.00 to $100.00 and gave the stock a “positive” rating in a report on Monday, October 13th. Wall Street Zen lowered Nextracker from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Cowen restated a “hold” rating on shares of Nextracker in a research note on Friday. Finally, Mizuho set a $76.00 price objective on Nextracker in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $92.14.

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.