Summit Investment Advisors Inc. has decreased its holdings in Nextracker Inc. (NASDAQ: NXT) by 1.9%, as revealed in its latest 13F filing with the Securities and Exchange Commission. This reduction translates to the sale of 850 shares, leaving the institutional investor with a total of 43,010 shares valued at approximately $1.81 million as of the end of the most recent quarter.
In addition to Summit Investment Advisors, several other institutional investors have made significant adjustments to their positions in Nextracker. Northwestern Mutual Wealth Management Co. notably increased its holdings by 703.7% during the first quarter, acquiring an additional 577 shares to reach a total of 659 shares, valued at $28,000. Cullen Frost Bankers Inc. also expanded its stake by 122.3% in the second quarter, acquiring 324 additional shares for a total of 589 shares worth $32,000.
Among other firms, Summit Securities Group LLC raised its stake by an impressive 796.0% in the first quarter, now owning 905 shares valued at $38,000. Caitong International Asset Management Co. Ltd. entered the Nextracker market by purchasing a new stake valued at $40,000 in the same quarter. Meanwhile, Hantz Financial Services Inc. boosted its position in the second quarter by 1,737.8%, bringing its total to 827 shares worth $45,000. Currently, institutional investors hold 67.41% of Nextracker’s stock.
Analysts have also been active in issuing reports about Nextracker’s stock performance. Wells Fargo & Company raised its target price for Nextracker from $72.00 to $109.00, maintaining an “overweight” rating as of October 28, 2023. Roth Capital set a target at $120.00, while Northland Capital Markets downgraded its rating from “strong-buy” to “hold” on July 30, 2023. Notably, The Goldman Sachs Group increased its price objective from $89.00 to $125.00 on October 27, 2023, maintaining a “buy” rating.
Based on data from MarketBeat.com, Nextracker currently holds a consensus rating of “Moderate Buy,” with an average target price of $94.05. Among analysts, one has rated the stock as a Strong Buy, seventeen have given it a Buy rating, and nine have assigned a Hold rating.
Recent Insider Transactions
In related news, Nextracker’s Chief Financial Officer, Charles D. Boynton, sold 4,500 shares on September 15, 2023, at an average price of $67.21, amounting to a total of $302,445.00. Following this transaction, Boynton held 295,059 shares valued at approximately $19.83 million, representing a small decrease of 1.50% in ownership.
Additionally, President Howard Wenger sold 5,703 shares on August 19, 2023, for a total transaction of $399,210.00 at an average price of $70.00. Post-transaction, Wenger retains 414,256 shares, valued at about $28.99 million, reflecting a 1.36% decrease in his position. In total, insiders have sold 15,420 shares worth $1.09 million over the past ninety days, with insiders owning 0.56% of the company.
Nextracker’s Stock Performance
As of Tuesday, Nextracker shares opened at $107.43. The stock has experienced a twelve-month range, hitting a low of $33.29 and a high of $112.74. Nextracker boasts a market capitalization of $15.94 billion, a price-to-earnings (P/E) ratio of 27.90, and a beta of 2.30. The company’s 50-day moving average price stands at $82.53, while the 200-day moving average price is $66.63.
Nextracker recently announced its quarterly earnings on October 23, 2023, reporting earnings per share (EPS) of $1.19, surpassing analysts’ expectations of $0.98 by $0.21. The firm’s revenue for the quarter was $905.27 million, exceeding the consensus estimate of $839.53 million. Nextracker achieved a net margin of 17.08% and a return on equity of 35.05%. Looking ahead, the company has set fiscal year 2026 guidance at an EPS range of 4.040-4.250, with analysts projecting 3.29 EPS for the current fiscal year.
Nextracker Inc. is an energy solutions provider that specializes in solar tracker and software solutions for both utility-scale and distributed generation solar projects, operating in the United States and internationally. The company’s product offerings include the NX Horizon solar tracking solution and the NX Horizon-XTR, designed for challenging terrain.
For ongoing updates on Nextracker and its performance, interested parties can visit HoldingsChannel.com for the latest 13F filings and insider trades.
