Nextracker (NASDAQ:NXT) Earns Buy Rating from Analysts at Needham & Company LLC

Key Points

• Analysts at Needham & Company LLC initiated coverage of Nextracker, rating the stock as a "buy" with a target price of $102.00, indicating a potential upside of 13.71% from its current price.
• Nextracker currently holds a consensus rating of "Moderate Buy" from analysts, with seventeen buy ratings and an average target price of $77.29.
• Insider activity shows that CFO Charles D. Boynton and President Howard Wenger recently sold shares of Nextracker, reducing their ownership by 1.50% and 1.26% respectively.

Analysts at Needham & Company LLC began coverage on shares of Nextracker (NASDAQ:NXT - Get Free Report) in a report released on Wednesday,Benzinga reports. The firm set a "buy" rating and a $102.00 price target on the stock. Needham & Company LLC's target price suggests a potential upside of 13.71% from the company's current price.

Several other brokerages have also recently issued reports on NXT. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a research report on Monday, August 18th. Northland Capmk cut shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Barclays restated an "overweight" rating and issued a $92.00 price target on shares of Nextracker in a research report on Thursday, October 2nd. Finally, Wells Fargo & Company upped their price target on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.29.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $89.70 on Wednesday. Nextracker has a 52-week low of $30.93 and a 52-week high of $93.90. The firm has a 50 day moving average price of $72.59 and a two-hundred day moving average price of $60.32. The stock has a market cap of $13.27 billion, a P/E ratio of 24.44, a price-to-earnings-growth ratio of 2.21 and a beta of 2.27.

Insider Activity

In other news, CFO Charles D. Boynton sold 4,500 shares of the 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 completion of the sale, the chief financial officer directly owned 295,059 shares in the company, valued at $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 5,217 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president owned 409,039 shares of the company's stock, valued at approximately $30,677,925. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently bought and sold shares of the stock. Natural Investments LLC grew its holdings in Nextracker by 0.9% in the third quarter. Natural Investments LLC now owns 16,750 shares of the company's stock worth $1,239,000 after purchasing an additional 155 shares during the period. Farther Finance Advisors LLC grew its holdings in Nextracker by 8.3% in the third quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company's stock worth $191,000 after purchasing an additional 198 shares during the period. State of Michigan Retirement System grew its holdings in Nextracker by 0.6% in the second quarter. State of Michigan Retirement System now owns 34,600 shares of the company's stock worth $1,881,000 after purchasing an additional 200 shares during the period. Flputnam Investment Management Co. grew its holdings in Nextracker by 2.4% in the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock worth $363,000 after purchasing an additional 201 shares during the period. Finally, Redwood Investment Management LLC grew its holdings in Nextracker by 4.1% in the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company's stock worth $281,000 after purchasing an additional 204 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.