Nextracker Inc. (NASDAQ:NXT) Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 51.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,164 shares of the company’s stock after selling 22,154 shares during the period. Vontobel Holding Ltd.’s holdings in Nextracker were worth $892,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after buying an additional 161,873 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Nextracker by 204.3% in the 1st quarter. SG Americas Securities LLC now owns 33,845 shares of the company’s stock worth $1,426,000 after buying an additional 22,721 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Nextracker by 115.1% in the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock worth $482,000 after buying an additional 7,056 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Nextracker in the 4th quarter worth about $961,000. Finally, Ruffer LLP acquired a new stake in Nextracker in the 4th quarter worth about $3,954,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of Nextracker stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares of the company’s stock, valued at $9,744,400. This trade represents a 3.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock worth $12,169,880 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Nextracker Stock Performance

NXT stock opened at $66.27 on Friday. The firm has a market cap of $9.69 billion, a PE ratio of 19.10, a PEG ratio of 1.71 and a beta of 2.25. The firm’s 50 day moving average price is $55.04 and its 200-day moving average price is $46.93. Nextracker Inc. has a one year low of $30.93 and a one year high of $66.54.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Roth Capital reiterated a “buy” rating and issued a $70.00 price objective (up from $55.00) on shares of Nextracker in a report on Thursday, May 15th. BMO Capital Markets lifted their price objective on Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a report on Thursday, May 15th. Bank of America raised their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Guggenheim cut Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday, May 14th. Finally, TD Cowen boosted their target price on Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, May 15th. Five investment 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.33.

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.