Nextracker Inc. (NASDAQ:NXT) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twenty-four brokerages that are presently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $60.33.

Several brokerages have recently weighed in on NXT. Roth Capital reaffirmed a "buy" rating and issued a $70.00 target price (up previously from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Mizuho lifted their price objective on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. The Goldman Sachs Group boosted their target price on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Barclays raised their price target on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Wall Street Zen raised Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd.

Nextracker Trading Up 8.6%

Shares of Nextracker stock traded up $5.23 during trading hours on Thursday, hitting $66.27. 2,919,996 shares of the company were exchanged, compared to its average volume of 2,679,095. The business has a 50-day moving average of $55.04 and a 200-day moving average of $46.93. Nextracker has a 1 year low of $30.93 and a 1 year high of $66.54. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 1.71 and a beta of 2.25.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction 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 sale, the insider owned 195,790 shares of the company's stock, valued at $10,907,460.90. This trade represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the sale, the chief operating officer owned 175,216 shares of the company's stock, valued at approximately $10,451,634.40. This represents a 28.48% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Nextracker by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after buying an additional 243,635 shares during the last quarter. Wellington Management Group LLP grew its stake in Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after acquiring an additional 1,890,445 shares during the period. Invesco Ltd. raised its holdings in Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Sachem Head Capital Management LP lifted its stake in shares of Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock worth $108,768,000 after purchasing an additional 122,500 shares during the period. Finally, Norges Bank acquired a new stake in shares of Nextracker during the fourth quarter worth $106,166,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.