Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares hit a new 52-week high on Thursday . The stock traded as high as $64.82 and last traded at $64.22, with a volume of 218750 shares trading hands. The stock had previously closed at $61.04.
Analysts Set New Price Targets
Several research analysts have recently commented on the stock. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Guggenheim downgraded shares of Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. TD Cowen raised their target price on Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a report on Thursday, May 15th. BMO Capital Markets upped their price target on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research note on Thursday, May 15th. Finally, Mizuho raised their price objective on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $60.33.
View Our Latest Stock Report on Nextracker
Nextracker Stock Up 8.6%
The firm has a market capitalization of $9.69 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 1.58 and a beta of 2.25. The business has a 50-day moving average of $54.59 and a two-hundred day moving average of $46.64.
Insider Transactions at Nextracker
In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares of the company's stock, valued at $6,853,825. The trade was a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 5,216 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $65.00, for a total transaction of $339,040.00. Following the completion of the transaction, the president owned 419,959 shares of the company's stock, valued at approximately $27,297,335. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock worth $12,169,880 over the last quarter. 0.27% of the stock is owned by company insiders.
Institutional Trading of Nextracker
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Nextracker by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after purchasing an additional 243,635 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after buying an additional 1,890,445 shares during the period. Invesco Ltd. boosted its stake in Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after buying an additional 1,329,456 shares in the last quarter. Sachem Head Capital Management LP grew its position in Nextracker by 4.3% in the fourth quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after acquiring an additional 122,500 shares during the period. Finally, Norges Bank acquired a new position in Nextracker during the fourth quarter worth $106,166,000. Institutional investors own 67.41% of the company's stock.
Nextracker Company Profile
(
Get Free Report)
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.
See Also
Before you consider Nextracker, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nextracker wasn't on the list.
While Nextracker currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.