Nextracker (NASDAQ:NXT) Given New $69.00 Price Target at Bank of America

Key Points

• Bank of America raised its price target for Nextracker (NASDAQ:NXT) from $66.00 to $69.00, signaling a potential upside of 6.32% from the current price.
• Other analysts have varied opinions, with Wells Fargo increasing their target to $71.00 and Mizuho maintaining a target of $66.00, reflecting a general consensus rating of "Moderate Buy."
• Recent insider sales included significant transactions by executives Bruce Ledesma and Howard Wenger, who reduced their positions, indicating potential caution within the company.

Nextracker (NASDAQ:NXT - Free Report) had its price objective lifted by Bank of America from $66.00 to $69.00 in a research report report published on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other brokerages also recently commented on NXT. Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Wall Street Zen cut Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Mizuho set a $66.00 price target on Nextracker in a report on Wednesday. Finally, Roth Capital reiterated a "buy" rating and set a $80.00 price target (up previously from $70.00) on shares of Nextracker in a research report on Tuesday. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $63.95.

Nextracker Stock Down 1.1%

NASDAQ:NXT traded down $0.66 on Wednesday, reaching $57.60. The stock had a trading volume of 176,458 shares, compared to its average volume of 2,535,721. The company has a market capitalization of $8.42 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.45 and a beta of 2.25. Nextracker has a 1-year low of $30.93 and a 1-year high of $67.87. The stock has a fifty day moving average price of $59.93 and a 200-day moving average price of $50.00.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer directly owned 124,615 shares in the company, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Nicholas Marco Miller sold 5,588 shares of Nextracker stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total transaction of $320,304.16. Following the transaction, the chief operating officer directly owned 170,000 shares in the company, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 210,476 shares of company stock valued at $12,169,880. Insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

Large investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC lifted its holdings in Nextracker by 30.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company's stock worth $388,000 after acquiring an additional 2,483 shares in the last quarter. American Century Companies Inc. raised its position in shares of Nextracker by 52.2% during the fourth quarter. American Century Companies Inc. now owns 76,414 shares of the company's stock worth $2,791,000 after purchasing an additional 26,196 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after purchasing an additional 243,635 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Nextracker by 23.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company's stock valued at $68,166,000 after purchasing an additional 360,214 shares during the period. Finally, Norges Bank acquired a new position in shares of Nextracker in the 4th quarter valued at approximately $106,166,000. Institutional investors own 67.41% of the company's stock.

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.