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

Key Points

• Nextracker Inc. has received a consensus recommendation of “Moderate Buy” from 24 analysts, with a price objective averaging $65.00.
• Recent upgrades from analysts include a boost in price targets from Roth Capital and UBS Group, with targets now set at $80.00 and $75.00 respectively.
• The company's stock has shown significant volatility, opening at $67.64 with a one-year high of $71.44 and a low of $30.93.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-four analysts that are presently covering the company, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $65.8421.

A number of equities analysts have issued reports on NXT shares. JPMorgan Chase & Co. upped their target price on Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday. TD Cowen raised their target price on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Barclays reiterated an "overweight" rating and issued a $69.00 price target (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Robert W. Baird increased their price target on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, UBS Group raised their target price on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, July 31st.

Nextracker Price Performance

Shares of NXT stock traded up $0.87 on Tuesday, hitting $71.35. 5,968,510 shares of the company's stock were exchanged, compared to its average volume of 1,628,127. Nextracker has a 12 month low of $30.93 and a 12 month high of $72.12. The company has a 50 day moving average of $63.49 and a 200 day moving average of $54.62. The stock has a market cap of $10.56 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 1.64 and a beta of 2.26.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The stock was 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 in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,987 shares of company stock valued at $2,321,454. Company insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the stock. New York State Teachers Retirement System grew its position in shares of Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after purchasing an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in Nextracker during the first quarter valued at $210,000. Allspring Global Investments Holdings LLC boosted its stake in Nextracker by 51.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after buying an additional 6,693 shares during the period. GAMMA Investing LLC boosted its stake in Nextracker by 189.8% during the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after buying an additional 1,792 shares during the period. Finally, KBC Group NV boosted its stake in Nextracker by 719.8% during the first quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after buying an additional 43,820 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.