Union Bancaire Privee UBP SA Purchases 1,226 Shares of Nextracker Inc. (NASDAQ:NXT)

Union Bancaire Privee UBP SA boosted its position in Nextracker Inc. (NASDAQ:NXT) by 24.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,266 shares of the company’s stock after acquiring an additional 1,226 shares during the quarter. Union Bancaire Privee UBP SA’s holdings in Nextracker were worth $250,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after buying an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new position in shares of Nextracker during the fourth quarter valued at about $47,000. Millstone Evans Group LLC bought a new position in shares of Nextracker during the fourth quarter valued at about $48,000. Finally, Principal Securities Inc. grew its stake in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after buying an additional 410 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 27,453 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the sale, the insider now directly owns 120,972 shares of the company’s stock, valued at $7,278,885.24. This represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer now directly owns 124,615 shares in the company, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 199,672 shares of company stock valued at $11,510,536 over the last ninety days. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of recent research reports. Barclays raised their price objective on Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Mizuho raised their price objective on Nextracker from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Monday, June 2nd. BMO Capital Markets raised their target price on Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a research note on Thursday, May 15th. Roth Capital restated a “buy” rating and set a $70.00 price target (up previously from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Finally, Robert W. Baird dropped their price objective on Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.33.

Nextracker Price Performance

Shares of NXT stock opened at $60.71 on Friday. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of 15.45 and a beta of 2.39. The business’s fifty day moving average is $49.25 and its 200 day moving average is $44.59. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $63.19. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

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.