Brokerages Set Nextracker Inc. (NASDAQ:NXT) Target Price at $62.05

Key Points

• Nextracker Inc. has received a consensus rating of “Moderate Buy” from 24 ratings firms, with 16 recommending a buy and 2 a strong buy.
• The average 12-month target price for Nextracker shares is $62.05, reflecting recent adjustments by multiple brokerages.
• Insider transactions revealed a 3.18% decrease in COO Nicholas Marco Miller's ownership after selling 5,588 shares at an average price of $57.32.

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have received an average rating of "Moderate Buy" from the twenty-five ratings firms that are covering the company, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $63.95.

A number of research analysts have recently commented on the stock. Truist Financial upped their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Wall Street Zen cut shares of Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a report on Wednesday. TD Cowen increased their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Wednesday. Finally, Roth Capital reiterated a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Nextracker in a report on Tuesday.

Nextracker Price Performance

Shares of NXT traded down $1.45 during midday trading on Monday, hitting $57.43. The stock had a trading volume of 1,239,142 shares, compared to its average volume of 2,540,895. The stock's 50 day moving average is $59.89 and its 200 day moving average is $49.88. The firm has a market cap of $8.40 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.59 and a beta of 2.25. Nextracker has a 1 year low of $30.93 and a 1 year high of $67.87.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the sale, the insider directly owned 195,790 shares in the company, valued at $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total transaction of $320,304.16. Following the sale, the chief operating officer owned 170,000 shares in the company, valued at $9,744,400. The trade was a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 210,476 shares of company stock valued at $12,169,880 over the last three months. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

A number of large investors have recently made changes to their positions in NXT. Cullen Frost Bankers Inc. grew its position in Nextracker by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock valued at $32,000 after buying an additional 324 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after buying an additional 577 shares during the last quarter. Summit Securities Group LLC grew its position in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Nextracker in the 1st quarter valued at $40,000. Finally, Fifth Third Bancorp lifted its holdings in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.