US Bancorp DE Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

US Bancorp DE grew its position in Nextracker Inc. (NASDAQ:NXT) by 79.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 4,312 shares of the company’s stock after acquiring an additional 1,903 shares during the quarter. US Bancorp DE’s holdings in Nextracker were worth $182,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sachem Head Capital Management LP increased its holdings in shares of Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock valued at $108,768,000 after acquiring an additional 122,500 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Nextracker by 12.8% in the fourth quarter. Deutsche Bank AG now owns 2,152,084 shares of the company’s stock worth $78,616,000 after purchasing an additional 244,725 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Nextracker by 10.5% in the fourth quarter. Northern Trust Corp now owns 1,917,024 shares of the company’s stock valued at $70,029,000 after buying an additional 181,741 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Nextracker by 33.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company’s stock valued at $70,005,000 after buying an additional 483,483 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in shares of Nextracker by 1.0% during the fourth quarter. Janus Henderson Group PLC now owns 1,545,143 shares of the company’s stock valued at $56,488,000 after purchasing an additional 15,942 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Nextracker news, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director directly owned 7,666 shares of the company’s stock, valued at approximately $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Nicholas Marco Miller sold 5,588 shares of the business’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the transaction, the chief operating officer directly owned 170,000 shares of the company’s stock, valued at approximately $9,744,400. The trade was a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,136 shares of company stock valued at $10,605,803 in the last three months. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on NXT shares. Piper Sandler reissued an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. Susquehanna increased their price objective on Nextracker from $66.00 to $76.00 and gave the company a “positive” rating in a report on Monday, July 21st. Truist Financial raised their target price on Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Fox Advisors downgraded Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday, May 15th. Finally, Mizuho set a $66.00 target price on Nextracker in a research report on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.37.

Nextracker Stock Performance

NASDAQ NXT opened at $60.58 on Friday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87. The stock has a fifty day moving average of $59.75 and a 200-day moving average of $51.03. The stock has a market capitalization of $8.96 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.26 and a beta of 2.25.

Nextracker Company 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.