Assenagon Asset Management S.A. Cuts Stake in Nextracker Inc. (NASDAQ:NXT)

Assenagon Asset Management S.A. cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 94.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,190 shares of the company’s stock after selling 907,508 shares during the period. Assenagon Asset Management S.A.’s holdings in Nextracker were worth $2,053,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Wellington Management Group LLP boosted its stake in shares of Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after acquiring an additional 315,199 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after buying an additional 460,739 shares during the period. 67.41% of the stock is owned by institutional investors.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

NXT has been the subject of several research reports. Truist Financial boosted their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. TD Cowen initiated coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Robert W. Baird dropped their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $53.10.

Nextracker Stock Down 3.0 %

NXT stock opened at $41.20 on Thursday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company’s 50 day moving average price is $38.65 and its 200 day moving average price is $39.24. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 10.27 and a beta of 2.04.

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.