Nextracker (NASDAQ:NXT) Hits New 52-Week High After Analyst Upgrade

Key Points

• Nextracker Inc. shares reached a new 12-month high after JPMorgan Chase upgraded its price target from $69.00 to $77.00 and maintained an overweight rating.
• Several other research firms have also adjusted their ratings, with Zacks Research upgrading Nextracker to a "hold" and Wall Street Zen raising it to a "strong-buy."
• Institutional investors have significantly increased their holdings in Nextracker, with notable rises in ownership from firms like Northwestern Mutual Wealth Management and Hantz Financial Services.

Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s stock price hit a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $69.00 to $77.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Nextracker traded as high as $72.12 and last traded at $71.42, with a volume of 635181 shares traded. The stock had previously closed at $70.48.

Several other research analysts have also commented on the company. Wells Fargo & Company lifted their target price on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Susquehanna increased their target price on shares of Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a report on Monday, July 21st. Robert W. Baird boosted their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. TD Cowen lifted their target price on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Cowen reaffirmed a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and a consensus price target of $65.84.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Charles D. Boynton sold 4,500 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the sale, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their position. 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. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextracker

Several large investors have recently made changes to their positions in NXT. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares during the last quarter. Cullen Frost Bankers Inc. lifted its position in Nextracker by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock worth $32,000 after acquiring an additional 324 shares during the last quarter. Summit Securities Group LLC lifted its position in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after acquiring an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Nextracker during the first quarter worth approximately $40,000. Finally, Hantz Financial Services Inc. increased its stake in shares of Nextracker by 1,737.8% during the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock worth $45,000 after purchasing an additional 782 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Performance

The business has a fifty day simple moving average of $63.75 and a 200 day simple moving average of $55.01. The stock has a market capitalization of $10.59 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 1.66 and a beta of 2.26.

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.