Nextracker Sees Unusually High Options Volume (NASDAQ:NXT)

Nextracker Inc. (NASDAQ:NXT - Get Free Report) was the target of some unusual options trading activity on Wednesday. Stock traders purchased 10,129 call options on the stock. This represents an increase of approximately 173% compared to the average volume of 3,706 call options.

Insider Activity at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the business's stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares of the company's stock, valued at approximately $585,374.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Leah Schlesinger sold 2,149 shares of the business's stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares of the company's stock, valued at approximately $618,248.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 8,355 shares of the company's stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Institutional Trading of Nextracker

Several hedge funds have recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Nextracker in the 1st quarter worth approximately $25,000. Lindbrook Capital LLC purchased a new stake in shares of Nextracker during the first quarter worth $34,000. Bruce G. Allen Investments LLC bought a new position in shares of Nextracker in the first quarter worth $37,000. Toth Financial Advisory Corp purchased a new position in shares of Nextracker in the first quarter valued at $38,000. Finally, Tucker Asset Management LLC bought a new stake in shares of Nextracker during the 3rd quarter valued at $42,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Up 6.9 %

Nextracker stock traded up $2.97 during trading on Wednesday, hitting $45.98. The stock had a trading volume of 12,439,886 shares, compared to its average volume of 4,151,638. The stock's 50 day moving average is $50.65 and its two-hundred day moving average is $47.70. Nextracker has a 1 year low of $32.14 and a 1 year high of $62.14. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 24.90, a price-to-earnings-growth ratio of 0.38 and a beta of 2.42.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on NXT shares. Barclays lowered Nextracker from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $55.00 to $63.00 in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Nextracker from $73.00 to $67.00 and set an "overweight" rating on the stock in a report on Thursday, February 29th. Truist Financial reiterated a "buy" rating and set a $70.00 price objective on shares of Nextracker in a report on Wednesday. Mizuho decreased their target price on shares of Nextracker from $64.00 to $59.00 and set a "buy" rating for the company in a research report on Friday, April 19th. Finally, Robert W. Baird assumed coverage on shares of Nextracker in a research report on Thursday, March 21st. They issued an "outperform" rating and a $71.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.96.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.