Nextracker Inc. (NASDAQ:NXT) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Nextracker Inc. (NASDAQ:NXT) has received a consensus rating of "Moderate Buy" from analysts, with an average twelve-month target price of $69.15.
• Insider transactions show that CFO Charles D. Boynton sold 4,500 shares for approximately $302,445, indicating potential insider selling pressure.
• Institutional investors hold 67.41% of Nextracker's stock, with significant increases in holdings from firms like Wellington Management and Norges Bank.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty-six brokerages that are currently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $69.15.

Several research analysts have recently weighed in on NXT shares. Zacks Research upgraded shares of Nextracker to a "hold" rating in a report on Tuesday, August 12th. Mizuho set a $66.00 target price on shares of Nextracker in a report on Wednesday, July 30th. Robert W. Baird increased their target price on shares of Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. The Goldman Sachs Group increased their target price on shares of Nextracker from $79.00 to $89.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Barclays restated an "overweight" rating and set a $92.00 target price on shares of Nextracker in a report on Thursday, October 2nd.

Insider Buying and Selling at Nextracker

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the sale, the chief financial officer directly owned 295,059 shares of the company's stock, valued at approximately $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director directly owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,400 shares of company stock worth $2,053,385. Company insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Norges Bank bought a new stake in Nextracker during the second quarter worth $140,772,000. Wellington Management Group LLP raised its position in Nextracker by 56.5% during the first 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 in the last quarter. Encompass Capital Advisors LLC raised its position in Nextracker by 72.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after acquiring an additional 1,105,617 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in Nextracker during the second quarter worth $58,122,000. Finally, Nuveen LLC bought a new stake in Nextracker during the first quarter worth $40,356,000. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Down 1.3%

Nextracker stock opened at $82.80 on Friday. The stock has a market capitalization of $12.25 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 2.61 and a beta of 2.27. Nextracker has a twelve month low of $30.93 and a twelve month high of $86.39. The company has a 50 day moving average of $67.93 and a 200-day moving average of $57.96.

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.

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