Nextracker (NASDAQ:NXT) Hits New 52-Week High - Here's What Happened

Key Points

• Nextracker shares reached a new 52-week high of $77.79, closing at $73.99, with a notable trading volume of over 1.9 million shares.
• Research analysts have boosted their ratings and target prices for Nextracker, with a notable upgrade from "buy" to "strong-buy" by Wall Street Zen.
• Institutional investors significantly increased their holdings in Nextracker, with New York State Teachers Retirement System raising its stake by 18.2% in the first quarter.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $77.79 and last traded at $73.99, with a volume of 1927212 shares trading hands. The stock had previously closed at $76.13.

Analysts Set New Price Targets

A number of research analysts have recently commented on NXT shares. Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Susquehanna raised their target price on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research note on Monday, July 21st. Cowen restated a "hold" rating on shares of Nextracker in a research note on Wednesday, July 30th. Wells Fargo & Company raised their target price on Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, Bank of America raised their target price on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and an average target price of $66.95.

Nextracker Stock Performance

The company has a market cap of $10.95 billion, a P/E ratio of 20.16, a price-to-earnings-growth ratio of 1.77 and a beta of 2.26. The stock has a 50-day moving average of $65.16 and a two-hundred day moving average of $56.15.

Insider Buying and Selling

In other Nextracker news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction on Tuesday, August 5th. The stock was 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 of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% 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 Nextracker stock in a transaction on Monday, September 15th. The stock was 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 directly owned 295,059 shares of the company's stock, valued at approximately $19,830,915.39. The trade was a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,616 shares of company stock worth $2,392,425 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

Institutional investors and hedge funds have recently modified their holdings of the business. New York State Teachers Retirement System increased its holdings in shares of Nextracker by 18.2% in the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after purchasing an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Nextracker in the 1st quarter worth $210,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Nextracker by 51.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after acquiring an additional 6,693 shares during the period. GAMMA Investing LLC grew its holdings in shares of Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after acquiring an additional 1,792 shares during the period. Finally, KBC Group NV grew its holdings in shares of Nextracker by 719.8% in the first quarter. KBC Group NV now owns 49,908 shares of the company's stock worth $2,103,000 after acquiring an additional 43,820 shares during the period. Institutional investors own 67.41% of the company's stock.

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.

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