DekaBank Deutsche Girozentrale Purchases 55,000 Shares of Nextracker Inc. (NASDAQ:NXT)

DekaBank Deutsche Girozentrale increased its stake in Nextracker Inc. (NASDAQ:NXT) by 17.2% during the first quarter, Holdings Channel.com reports. The firm owned 375,263 shares of the company’s stock after purchasing an additional 55,000 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Nextracker were worth $15,814,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of NXT. Charles Schwab Investment Management Inc. raised its holdings in Nextracker by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company’s stock worth $48,624,000 after purchasing an additional 10,162 shares during the period. Proficio Capital Partners LLC bought a new position in Nextracker in the 4th quarter worth $961,000. Arizona State Retirement System raised its holdings in Nextracker by 6.1% in the 4th quarter. Arizona State Retirement System now owns 41,590 shares of the company’s stock worth $1,519,000 after purchasing an additional 2,406 shares during the period. Raymond James Financial Inc. bought a new position in Nextracker in the 4th quarter worth $4,711,000. Finally, AlphaQuest LLC bought a new position in Nextracker in the 4th quarter worth $195,000. 67.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the transaction, the insider owned 195,790 shares in the company, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares of the company’s stock, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 210,476 shares of company stock worth $12,169,880. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on NXT. Susquehanna raised their target price on Nextracker from $54.00 to $66.00 and gave the stock a “positive” rating in a report on Thursday, May 15th. The Goldman Sachs Group raised their price target on Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Mizuho raised their price target on Nextracker from $60.00 to $67.00 and gave the company an “outperform” rating in a report on Monday, June 2nd. Truist Financial raised their price target on Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Finally, Barclays raised their price target on Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.67.

Nextracker Trading Down 2.0%

NXT opened at $62.62 on Friday. The firm has a market cap of $9.16 billion, a P/E ratio of 18.05, a P/E/G ratio of 1.65 and a beta of 2.25. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87. The stock has a 50-day moving average of $56.81 and a 200 day moving average of $47.65.

Nextracker 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.