Nextracker (NASDAQ:NXT) Price Target Raised to $76.00 at Susquehanna

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective increased by investment analysts at Susquehanna from $66.00 to $76.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "positive" rating on the stock. Susquehanna's target price would indicate a potential upside of 22.65% from the company's current price.

Other research analysts also recently issued reports about the stock. Barclays increased their price objective on shares of Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. BMO Capital Markets increased 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. Wells Fargo & Company boosted their price objective on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. TD Cowen raised their price objective on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday, May 15th. Finally, Robert W. Baird lifted their target price on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Six investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.05.

Nextracker Stock Performance

Shares of NXT traded up $1.44 during trading hours on Monday, hitting $61.97. The stock had a trading volume of 406,793 shares, compared to its average volume of 2,649,752. The firm has a market cap of $9.06 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.55 and a beta of 2.25. The company's fifty day simple moving average is $58.93 and its 200 day simple moving average is $48.81. Nextracker has a 12-month low of $30.93 and a 12-month high of $67.87.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the sale, the chief accounting officer directly owned 124,615 shares of the company's stock, valued at approximately $6,853,825. This represents a 7.29% 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 83,561 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

A number of hedge funds have recently added to or reduced their stakes in NXT. Raymond James Financial Inc. acquired a new stake in Nextracker in the fourth quarter valued at approximately $4,711,000. HighTower Advisors LLC increased its position in Nextracker by 9.1% in the 4th quarter. HighTower Advisors LLC now owns 32,478 shares of the company's stock valued at $1,186,000 after acquiring an additional 2,701 shares during the period. Commonwealth Equity Services LLC increased its position in Nextracker by 30.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company's stock valued at $388,000 after acquiring an additional 2,483 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in Nextracker by 17.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 8,895 shares of the company's stock valued at $325,000 after acquiring an additional 1,334 shares during the period. Finally, Corient Private Wealth LLC acquired a new position in Nextracker in the 4th quarter valued at approximately $251,000. Institutional investors and hedge funds 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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