Nextracker Inc. (NASDAQ:NXT) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Nextracker Inc. has received an average recommendation of “Moderate Buy” from 24 brokerages, with nine analysts rating it as a hold and fourteen as buy.
• The average 1-year price target for Nextracker stock is $65.00, significantly influencing investor expectations.
• Insider trading activity includes the sale of over 186,000 shares by executives, which may indicate a shift in confidence among company leadership.

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twenty-four brokerages that are presently covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $65.00.

A number of research analysts have issued reports on the stock. Roth Capital restated a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Barclays restated an "overweight" rating and issued a $69.00 price objective (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Susquehanna increased their price objective on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Robert W. Baird increased their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Mizuho set a $66.00 price target on Nextracker in a research note on Wednesday, July 30th.

Nextracker Stock Down 3.2%

Shares of NXT opened at $64.04 on Friday. Nextracker has a 12-month low of $30.93 and a 12-month high of $70.14. The firm has a market capitalization of $9.48 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.54 and a beta of 2.25. The stock's fifty day simple moving average is $60.29 and its 200-day simple moving average is $51.48.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 5,703 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $10,907,460.90. The trade was a 29.91% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 186,822 shares of company stock worth $10,836,212. Corporate insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of NXT. Norges Bank acquired a new stake in Nextracker in the second quarter worth $140,772,000. Wellington Management Group LLP raised its stake in Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after buying an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC acquired a new stake in Nextracker during the 4th quarter worth $55,690,000. Wedge Capital Management L L P NC acquired a new stake in Nextracker during the 2nd quarter worth $58,122,000. Finally, Nuveen LLC acquired a new stake in Nextracker during the 1st quarter worth $40,356,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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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