New Vernon Capital Holdings II LLC Purchases 245,612 Shares of Nextracker Inc. $NXT

New Vernon Capital Holdings II LLC boosted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 7,329.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 248,963 shares of the company’s stock after acquiring an additional 245,612 shares during the quarter. New Vernon Capital Holdings II LLC owned 0.17% of Nextracker worth $10,491,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares during the period. Summit Securities Group LLC lifted its stake in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the first quarter worth approximately $40,000. Virtus Fund Advisers LLC bought a new stake in Nextracker during the fourth quarter valued at approximately $47,000. Finally, Fifth Third Bancorp grew its position in Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after buying an additional 260 shares during the period. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Guggenheim upgraded shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 price target on the stock in a research report on Monday, August 18th. Zacks Research upgraded Nextracker to a “hold” rating in a research note on Tuesday, August 12th. The Goldman Sachs Group lifted their target price on Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Northland Capmk cut Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Mizuho set a $66.00 price objective on Nextracker in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Nextracker Stock Up 3.1%

NASDAQ:NXT opened at $68.85 on Friday. The business’s 50-day simple moving average is $62.11 and its two-hundred day simple moving average is $52.93. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $70.14. The stock has a market cap of $10.19 billion, a PE ratio of 18.76, a P/E/G ratio of 1.55 and a beta of 2.26.

Insider Activity at Nextracker

In other news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the sale, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 5,703 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the transaction, the president directly owned 414,256 shares of the company’s stock, valued at $28,997,920. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,261 shares of company stock valued at $6,181,028. Corporate 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.