Nextracker Inc. (NASDAQ:NXT) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Nextracker Inc. has received a consensus rating of "Moderate Buy" from 26 analysts, with 15 analysts assigning a buy rating and 10 a hold rating.
• The average 12-month price target set by analysts for Nextracker is $69.15, with varying targets from notable firms ranging from $66.00 to $92.00.
• Insider trades reveal that Director William D. Watkins sold 10,000 shares, reducing his ownership by 56.61%, while hedge funds currently own approximately 67.41% of the company's shares.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) has been given a consensus rating of "Moderate Buy" by the twenty-six analysts that are covering the firm, MarketBeat.com reports. Ten investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $69.15.

NXT has been the topic of a number of analyst reports. Wall Street Zen cut shares of Nextracker from a "strong-buy" rating to a "buy" rating in a report on Monday, October 6th. The Goldman Sachs Group boosted their target price on shares of Nextracker from $79.00 to $89.00 and gave the company a "buy" rating in a report on Wednesday. Mizuho set a $66.00 target price on shares of Nextracker in a report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Nextracker from $69.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Finally, Barclays restated an "overweight" rating and set a $92.00 price target on shares of Nextracker in a research report on Thursday, October 2nd.

Nextracker Price Performance

Shares of NXT stock opened at $82.80 on Friday. The company's fifty day simple moving average is $67.93 and its two-hundred day simple moving average is $57.96. Nextracker has a 1 year low of $30.93 and a 1 year high of $86.39. The stock has a market capitalization of $12.25 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 2.61 and a beta of 2.27.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the sale, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. This trade represents a 1.50% decrease in their position. 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. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently added to or reduced their stakes in NXT. Norges Bank purchased a new position in Nextracker in the 2nd quarter worth $140,772,000. Wellington Management Group LLP raised its position 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 purchasing an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC raised its position in Nextracker by 72.5% in the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after purchasing an additional 1,105,617 shares during the period. Wedge Capital Management L L P NC purchased a new position in Nextracker in the 2nd quarter worth $58,122,000. Finally, Nuveen LLC purchased a new position in Nextracker in the 1st quarter worth $40,356,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

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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