Bruce Ledesma Sells 83,561 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT - Get Free Report) insider Bruce Ledesma sold 83,561 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 195,790 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink.

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

• On Friday, May 23rd, Bruce Ledesma sold 3,017 shares of Nextracker stock. The stock was sold at an average price of $55.95, for a total transaction 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 transaction of $1,651,847.01.

Nextracker Stock Up 4.9%

Shares of NXT traded up $2.69 during midday trading on Tuesday, reaching $57.98. 2,328,408 shares of the company were exchanged, compared to its average volume of 2,876,074. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $63.19. The company has a market cap of $8.44 billion, a price-to-earnings ratio of 14.75 and a beta of 2.03. The stock has a 50-day moving average price of $46.34 and a 200-day moving average price of $43.48.

Hedge Funds Weigh In On Nextracker

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after buying an additional 577 shares in the last quarter. Allworth Financial LP grew its position in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares in the last quarter. Summit Securities Group LLC increased its position in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker during the first quarter valued at approximately $40,000. Finally, Sterling Capital Management LLC increased its holdings in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NXT. Roth Capital restated 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. Truist Financial raised their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. TD Cowen raised their target price on shares of Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday, May 15th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Finally, Susquehanna upped their target price on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research note on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.33.

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.