Nextracker Inc. (NASDAQ:NXT) Insider Sells $392,555.20 in Stock

Key Points

• Insider Bruce Ledesma sold 6,980 shares of Nextracker Inc. for a total of $392,555.20, reducing his ownership by 3.44% to 195,790 shares.
• Nextracker Inc. shares are currently trading at $53.80, experiencing a 4.3% decline during trading hours with a market cap of $7.96 billion.
• Analysts have varying ratings for Nextracker, with nine assigning a hold rating, thirteen a buy rating, and a recent average target price of $64.37.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider directly owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Bruce Ledesma also recently made the following trade(s):

• On Thursday, May 29th, Bruce Ledesma sold 83,561 shares of Nextracker stock. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31.
• On Friday, May 23rd, Bruce Ledesma sold 3,017 shares of Nextracker stock. The shares were sold at an average price of $55.95, for a total value of $168,801.15.
• On Friday, May 16th, Bruce Ledesma sold 27,453 shares of Nextracker stock. The shares were sold at an average price of $60.17, for a total value of $1,651,847.01.

Nextracker Trading Down 4.3%

NASDAQ:NXT traded down $2.41 during trading hours on Monday, hitting $53.80. 1,730,318 shares of the company were exchanged, compared to its average volume of 2,308,027. The stock has a market capitalization of $7.96 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 1.30 and a beta of 2.25. Nextracker Inc. has a one year low of $30.93 and a one year high of $67.87. The company has a fifty day simple moving average of $59.89 and a 200 day simple moving average of $50.73.

Analyst Ratings Changes

A number of research firms have issued reports on NXT. Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Mizuho set a $66.00 price target on Nextracker in a report on Wednesday, July 30th. Northland Securities restated a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. UBS Group boosted their price target on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Piper Sandler restated an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Nine analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $64.37.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NXT. State of Michigan Retirement System grew its stake in shares of Nextracker by 0.6% in the 2nd quarter. State of Michigan Retirement System now owns 34,600 shares of the company's stock valued at $1,881,000 after buying an additional 200 shares during the period. Flputnam Investment Management Co. grew its stake in shares of Nextracker by 2.4% in the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after buying an additional 201 shares during the period. Shell Asset Management Co. grew its stake in shares of Nextracker by 0.4% in the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after buying an additional 228 shares during the period. Signaturefd LLC grew its stake in shares of Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after buying an additional 239 shares during the period. Finally, Trust Investment Advisors grew its stake in shares of Nextracker by 2.8% in the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after buying an additional 258 shares during the period. 67.41% of the stock is owned by 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.

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