JPMorgan Chase & Co. Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Key Points

• JPMorgan Chase & Co. has increased its price target for Nextracker from $77.00 to $92.00, indicating a potential upside of 2.62% from the current stock price.
• Nextracker's stock received a mix of ratings, with one analyst giving a Strong Buy, fifteen assigning a Buy rating, and ten marking it as a Hold, leading to an average rating of "Moderate Buy."
• Recent insider trades indicate significant stock sales, with insiders disposing of 32,400 shares valued at over $2 million in the last 90 days, reflecting a 3.44% and 56.61% decrease in ownership for two insiders.

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $77.00 to $92.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 2.62% from the stock's current price.

Other analysts have also issued research reports about the company. Cowen reaffirmed a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. TD Cowen lifted their price objective on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft began coverage on Nextracker in a report on Tuesday, September 30th. They issued a "buy" rating and a $88.00 price objective for the company. Mizuho set a $66.00 price objective on Nextracker in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group boosted their price target on Nextracker from $79.00 to $89.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $71.10.

Nextracker Price Performance

Shares of NXT traded down $3.47 during trading hours on Thursday, hitting $89.65. The stock had a trading volume of 1,086,873 shares, compared to its average volume of 2,453,876. Nextracker has a 12 month low of $30.93 and a 12 month high of $93.90. The firm has a market capitalization of $13.27 billion, a PE ratio of 24.32, a PEG ratio of 2.15 and a beta of 2.27. The stock has a fifty day moving average price of $69.93 and a 200 day moving average price of $58.91.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction dated 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 owned 195,790 shares of the company's stock, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock valued at $2,053,385 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Nextracker by 703.7% in the first 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. Cullen Frost Bankers Inc. boosted its stake in shares of Nextracker by 122.3% in the second 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. Summit Securities Group LLC boosted its stake in shares of Nextracker by 796.0% in the first 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. Caitong International Asset Management Co. Ltd bought a new position in shares of Nextracker in the first quarter worth about $40,000. Finally, Hantz Financial Services Inc. boosted its stake in shares of Nextracker by 1,737.8% in the second 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. 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.

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