Nextracker (NASDAQ:NXT) Price Target Raised to $71.00

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective upped by analysts at Wells Fargo & Company from $69.00 to $71.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 19.71% from the stock's current price.

Several other analysts have also issued reports on NXT. The Goldman Sachs Group upped their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday. Fox Advisors downgraded shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday. Robert W. Baird decreased their price objective on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Northland Securities restated an "outperform" rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.00.

Nextracker Trading Down 3.7%

NASDAQ NXT opened at $59.31 on Monday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $43.44 and a 200 day simple moving average of $42.10. Nextracker has a 12 month low of $30.93 and a 12 month high of $63.19. The firm has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction 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 now directly owns 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 27,453 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the sale, the insider now directly owns 120,972 shares in the company, valued at $7,278,885.24. This trade represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,320 shares of company stock valued at $2,524,532 over the last quarter. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Nextracker

Large investors have recently modified their holdings of the company. Barclays PLC lifted its stake in Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company's stock worth $9,737,000 after purchasing an additional 187,598 shares in the last quarter. Clear Harbor Asset Management LLC grew its position in shares of Nextracker by 0.7% during the 4th quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company's stock valued at $5,598,000 after purchasing an additional 1,086 shares in the last quarter. Fort Washington Investment Advisors Inc. OH bought a new position in shares of Nextracker in the fourth quarter worth $10,228,000. Nisa Investment Advisors LLC raised its position in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after buying an additional 516 shares in the last quarter. Finally, Viking Fund Management LLC raised its position in shares of Nextracker by 60.0% in the fourth quarter. Viking Fund Management LLC now owns 32,000 shares of the company's stock worth $1,169,000 after buying an additional 12,000 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

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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