Nextracker Inc. $NXT Position Decreased by Tenzing Global Management LLC

Tenzing Global Management LLC trimmed its position in shares of Nextracker Inc. (NASDAQ:NXT) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 187,500 shares of the company’s stock after selling 22,500 shares during the quarter. Nextracker accounts for approximately 5.7% of Tenzing Global Management LLC’s portfolio, making the stock its 6th largest holding. Tenzing Global Management LLC’s holdings in Nextracker were worth $7,901,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NXT. Mercer Global Advisors Inc. ADV purchased a new stake in Nextracker in the 4th quarter valued at approximately $490,000. Ameriprise Financial Inc. lifted its holdings in shares of Nextracker by 88.1% in the 4th quarter. Ameriprise Financial Inc. now owns 558,683 shares of the company’s stock valued at $20,409,000 after buying an additional 261,648 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Nextracker in the fourth quarter valued at approximately $3,035,000. Bank of America Corp DE grew its holdings in Nextracker by 56.0% during the fourth quarter. Bank of America Corp DE now owns 715,835 shares of the company’s stock worth $26,149,000 after acquiring an additional 257,064 shares during the period. Finally, Captrust Financial Advisors grew its holdings in Nextracker by 131.5% during the fourth quarter. Captrust Financial Advisors now owns 13,468 shares of the company’s stock worth $492,000 after acquiring an additional 7,650 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Trading Up 1.8%

Shares of NXT opened at $70.12 on Friday. The stock has a market cap of $10.37 billion, a P/E ratio of 19.11, a PEG ratio of 1.63 and a beta of 2.26. The company has a 50-day moving average of $62.35 and a two-hundred day moving average of $53.11. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $71.27.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on NXT shares. Piper Sandler reissued an “overweight” rating on shares of Nextracker in a report on Thursday, May 15th. Cowen reiterated a “hold” rating on shares of Nextracker in a report on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on shares of Nextracker from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Zacks Research raised shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. Finally, UBS Group lifted their price target on shares of Nextracker from $71.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Insider Buying and Selling at Nextracker

In related news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 in the company, valued at $435,352.14. The trade was 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, insider Bruce Ledesma sold 6,980 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,261 shares of company stock valued at $6,181,028. Company insiders own 0.56% of the company’s stock.

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.