BMO Capital Markets Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Key Points

• BMO Capital Markets has raised its price target for Nextracker (NASDAQ:NXT) from $89.00 to $93.00, indicating a potential upside of 2.90% from the current stock price.
• Other firms have also increased their targets for Nextracker, with Roth Capital setting a new target price of $100.00 and UBS boosting theirs to $75.00, reflecting positive sentiment across the market.
• Insider trading activity shows a slight decline in ownership as executives sold shares recently, while at the same time, institutional investors have significantly increased their stakes in the company.

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective raised by investment analysts at BMO Capital Markets from $89.00 to $93.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "market perform" rating on the stock. BMO Capital Markets' price target points to a potential upside of 2.90% from the stock's current price.

Other equities research analysts have also issued research reports about the company. Roth Capital reissued a "buy" rating and issued a $100.00 target price (up previously from $80.00) on shares of Nextracker in a research report on Tuesday. Mizuho set a $76.00 target price on Nextracker in a research report on Monday. Bank of America lifted their target price on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. UBS Group lifted their target price on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Cowen reissued a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $80.86.

Nextracker Stock Performance

Shares of Nextracker stock opened at $90.38 on Friday. The business's 50 day simple moving average is $73.96 and its 200 day simple moving average is $60.87. Nextracker has a 52-week low of $30.93 and a 52-week high of $93.90. The firm has a market cap of $13.37 billion, a PE ratio of 24.63, a P/E/G ratio of 2.18 and a beta of 2.27.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock valued at $2,053,385 in the last ninety days. 0.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cullen Frost Bankers Inc. boosted its stake in shares of Nextracker by 122.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock worth $32,000 after acquiring an additional 324 shares during the period. Northwestern Mutual Wealth Management Co. boosted 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 worth $28,000 after acquiring an additional 577 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Nextracker by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock worth $45,000 after acquiring an additional 782 shares during the period. MAI Capital Management boosted its stake in shares of Nextracker by 309.4% during the 2nd quarter. MAI Capital Management now owns 831 shares of the company's stock worth $45,000 after acquiring an additional 628 shares during the period. Finally, Summit Securities Group LLC boosted its stake in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after acquiring an additional 804 shares during the period. 67.41% of the stock is currently owned by institutional investors.

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.

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