Hilltop National Bank Buys Shares of 2,580 Nextracker Inc. $NXT

Hilltop National Bank purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,580 shares of the company’s stock, valued at approximately $140,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NXT. Flputnam Investment Management Co. grew its position in Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company’s stock worth $363,000 after buying an additional 201 shares during the period. Signaturefd LLC grew its holdings in shares of Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company’s stock worth $109,000 after acquiring an additional 239 shares during the period. Trust Investment Advisors grew its holdings in shares of Nextracker by 2.8% in the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company’s stock worth $405,000 after acquiring an additional 258 shares during the period. Fifth Third Bancorp increased its stake in Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after purchasing an additional 260 shares in the last quarter. Finally, Boston Partners raised its holdings in Nextracker by 2.7% during the first quarter. Boston Partners now owns 10,494 shares of the company’s stock worth $442,000 after purchasing an additional 280 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Activity

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares of the company’s stock, valued at $19,830,915.39. This represents a 1.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 6,980 shares of the firm’s stock in a transaction 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 sale, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NXT has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Nextracker from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, September 19th. Mizuho set a $66.00 price objective on shares of Nextracker in a research note on Wednesday, July 30th. Northland Capmk cut shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Guggenheim upgraded shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 price target on the stock in a research report on Monday, August 18th. Finally, Bank of America raised their price objective on shares of Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $68.10.

Nextracker Price Performance

Nextracker stock opened at $77.13 on Friday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $80.83. The stock has a market capitalization of $11.41 billion, a P/E ratio of 21.02, a P/E/G ratio of 2.43 and a beta of 2.27. The firm’s 50-day moving average is $65.99 and its two-hundred day moving average is $56.82.

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.