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

Nextracker Inc. (NASDAQ:NXT - Get Free Report) has been given a consensus rating of "Moderate Buy" by the twenty-four analysts that are covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $60.33.

NXT has been the topic of a number of recent analyst reports. Truist Financial lifted their price target on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Mizuho boosted their target price on Nextracker from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Wall Street Zen raised Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Roth Capital reissued a "buy" rating and set a $70.00 target price (up previously from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Finally, Guggenheim cut Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th.

Nextracker Trading Up 2.2%

NXT stock opened at $58.92 on Friday. The business has a fifty day simple moving average of $47.24 and a 200-day simple moving average of $43.91. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker has a 52 week low of $30.93 and a 52 week high of $63.19. The company has a market cap of $8.62 billion, a price-to-earnings ratio of 14.99 and a beta of 2.39.

Insider Activity

In other news, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction dated 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 approximately $10,907,460.90. This 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. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now owns 219,389 shares of the company's stock, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 129,898 shares of company stock worth $7,348,516 in the last three months. Corporate insiders own 0.27% of the company's stock.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Flputnam Investment Management Co. increased its stake in shares of Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after purchasing an additional 201 shares in the last quarter. Shell Asset Management Co. increased its position in shares of Nextracker by 0.4% during the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after acquiring an additional 228 shares in the last quarter. Signaturefd LLC increased its position in shares of Nextracker by 10.2% during the first quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after acquiring an additional 239 shares in the last quarter. Trust Investment Advisors increased its position in shares of Nextracker by 2.8% during the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after acquiring an additional 258 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other 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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