Nextracker (NASDAQ:NXT) Hits New 12-Month High Following Analyst Upgrade

Key Points

• Nextracker's stock reached a new 52-week high of $82.00 after Goldman Sachs raised its price target from $79.00 to $89.00, maintaining a buy rating for the company.
• Institutional investors own 67.41% of Nextracker's stock, with notable increases in holdings from firms like Wellington Management Group and Primecap Management.
• Insider trading activity included the sale of 10,000 shares by Director William D. Watkins, resulting in a 56.61% decrease in his position, and the strategic sales suggest a need for monitoring insider confidence.

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) hit a new 52-week high during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $79.00 to $89.00. The Goldman Sachs Group currently has a buy rating on the stock. Nextracker traded as high as $82.00 and last traded at $81.43, with a volume of 354739 shares changing hands. The stock had previously closed at $78.50.

NXT has been the topic of a number of other research reports. Bank of America lifted their price objective on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Susquehanna lifted their price objective on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. JPMorgan Chase & Co. upped their price target on Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. Weiss Ratings restated a "hold (c+)" rating on shares of Nextracker in a report on Wednesday. Finally, Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.15.

Insider Buying and Selling at Nextracker

In other news, Director William D. Watkins sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the sale, the director owned 7,666 shares in the company, valued at approximately $435,352.14. The trade was a 56.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 5,217 shares of the business's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $391,275.00. Following the completion of the sale, the president owned 409,039 shares of the company's stock, valued at approximately $30,677,925. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA boosted its holdings in shares of Nextracker by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company's stock valued at $417,334,000 after acquiring an additional 83,227 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Nextracker by 56.5% during the first 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 in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Nextracker by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company's stock worth $158,748,000 after buying an additional 289,663 shares in the last quarter. Norges Bank purchased a new stake in Nextracker during the second quarter worth $140,772,000. Finally, Handelsbanken Fonder AB boosted its holdings in Nextracker by 8.3% during the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company's stock worth $125,225,000 after buying an additional 176,530 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Price Performance

The stock's fifty day moving average is $66.89 and its 200-day moving average is $57.43. The stock has a market capitalization of $12.16 billion, a PE ratio of 22.39, a P/E/G ratio of 2.41 and a beta of 2.27.

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.

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.