Nextracker's (NXT) Neutral Rating Reaffirmed at Mizuho

Nextracker (NASDAQ:NXT - Get Free Report)'s stock had its "neutral" rating reissued by research analysts at Mizuho in a research note issued on Monday, Marketbeat Ratings reports. They currently have a $65.00 price objective on the stock, down from their prior price objective of $67.00. Mizuho's price target indicates a potential upside of 8.57% from the stock's current price.

NXT has been the subject of several other reports. The Goldman Sachs Group boosted their target price on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Bank of America boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Roth Capital reissued a "buy" rating and set a $70.00 price target (up previously from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Finally, Wells Fargo & Company raised their price objective on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Six equities 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.57.

Nextracker Stock Down 3.0%

NASDAQ:NXT traded down $1.83 on Monday, hitting $59.87. The stock had a trading volume of 2,521,625 shares, compared to its average volume of 2,555,478. The business's 50-day simple moving average is $57.20 and its two-hundred day simple moving average is $47.98. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 1.58 and a beta of 2.25. Nextracker has a 52-week low of $30.93 and a 52-week high of $67.87.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction that occurred on 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 directly owned 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the sale, the insider directly owned 195,790 shares of the company's stock, valued at $10,907,460.90. The trade was a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,476 shares of company stock valued at $12,169,880. Corporate insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

Institutional investors have recently bought and sold shares of the stock. Flputnam Investment Management Co. raised its holdings in shares of 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 buying an additional 201 shares during the period. Shell Asset Management Co. lifted 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 worth $2,094,000 after purchasing an additional 228 shares during the last quarter. Signaturefd LLC lifted 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 worth $109,000 after purchasing an additional 239 shares during the last quarter. Trust Investment Advisors boosted its stake 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 purchasing an additional 258 shares during the period. Finally, Fifth Third Bancorp grew its holdings in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares during the last quarter. 67.41% of the stock is currently owned by 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.