Jefferies Financial Group Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Key Points

• Jefferies Financial Group has raised its target price for Nextracker stock from $84.00 to $104.00, maintaining a "buy" rating, indicating a potential upside of 5.82% from the current price.
• Despite the positive outlook from Jefferies, Northland Capital Markets downgraded Nextracker from a "strong-buy" to a "hold" rating, while several other brokerages have also recently issued varying ratings on the stock.
• Nextracker's stock experienced a notable price increase, trading up $7.90 to $98.28 on Friday, with a market capitalization of $14.54 billion and a price-to-earnings ratio of 26.78.

Nextracker (NASDAQ:NXT - Get Free Report) had its target price upped by stock analysts at Jefferies Financial Group from $84.00 to $104.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Jefferies Financial Group's price objective indicates a potential upside of 5.82% from the company's current price.

Several other brokerages have also recently issued reports on NXT. Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Needham & Company LLC began coverage on Nextracker in a report on Wednesday. They issued a "buy" rating and a $102.00 price objective for the company. Susquehanna boosted their price objective on Nextracker from $76.00 to $100.00 and gave the company a "positive" rating in a report on Monday, October 13th. UBS Group boosted their price objective on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.05.

Nextracker Price Performance

Nextracker stock traded up $7.90 during trading hours on Friday, hitting $98.28. 5,183,245 shares of the stock traded hands, compared to its average volume of 2,484,833. The firm's 50 day moving average price is $74.72 and its 200-day moving average price is $61.29. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of 26.78, a P/E/G ratio of 2.18 and a beta of 2.27. Nextracker has a 1 year low of $31.18 and a 1 year high of $101.98.

Insiders Place Their Bets

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the transaction, the chief financial officer owned 295,059 shares of the company's stock, valued at $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director directly owned 7,666 shares of the company's stock, valued at $435,352.14. The trade was a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently made changes to their positions in the company. Natural Investments LLC raised its holdings in shares of Nextracker by 0.9% during the third quarter. Natural Investments LLC now owns 16,750 shares of the company's stock valued at $1,239,000 after acquiring an additional 155 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Nextracker by 8.3% during the third quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company's stock valued at $191,000 after acquiring an additional 198 shares during the last quarter. State of Michigan Retirement System raised its holdings in shares of Nextracker by 0.6% during the second quarter. State of Michigan Retirement System now owns 34,600 shares of the company's stock valued at $1,881,000 after acquiring an additional 200 shares during the last quarter. Flputnam Investment Management Co. raised its holdings in shares of Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after acquiring an additional 201 shares during the last quarter. Finally, Redwood Investment Management LLC raised its holdings in shares of Nextracker by 4.1% during the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company's stock valued at $281,000 after acquiring an additional 204 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

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.

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