Nextracker (NASDAQ:NXT) Price Target Raised to $88.00

Key Points

• TD Cowen raised Nextracker's price target from $65.00 to $88.00, maintaining a "hold" rating, while other analysts have set targets ranging from $76.00 to $100.00.
• The company has experienced a 3.2% increase in trading, with its shares currently priced around $90.38 and a market cap of $13.37 billion.
• Insider trading activity noted a significant sale of 32,400 shares by executives in the last quarter, indicating potential shifts in ownership percentage among insiders.

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective raised by investment analysts at TD Cowen from $65.00 to $88.00 in a note issued to investors on Friday. The brokerage currently has a "hold" rating on the stock. TD Cowen's price objective would suggest a potential downside of 2.63% from the stock's current price.

Several other research analysts also recently commented on NXT. Susquehanna lifted their price objective on Nextracker from $76.00 to $100.00 and gave the stock a "positive" rating in a report on Monday, October 13th. Barclays reiterated an "overweight" rating and issued a $92.00 price objective on shares of Nextracker in a report on Thursday, October 2nd. JPMorgan Chase & Co. lifted their price objective on Nextracker from $77.00 to $92.00 and gave the stock an "overweight" rating in a report on Thursday, October 16th. Cowen reiterated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Nextracker in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Nextracker has an average rating of "Moderate Buy" and an average price target of $80.86.

Nextracker Trading Up 3.2%

NXT opened at $90.38 on Friday. The company has a market cap of $13.37 billion, a P/E ratio of 24.63, a P/E/G ratio of 2.18 and a beta of 2.27. The business's 50-day moving average price is $73.96 and its 200-day moving average price is $60.87. Nextracker has a 12 month low of $30.93 and a 12 month high of $93.90.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the sale, the insider directly owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock worth $2,053,385 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

Several large investors have recently bought and sold shares of NXT. Norges Bank bought a new stake in Nextracker during the 2nd quarter valued at approximately $140,772,000. Wellington Management Group LLP boosted its position in Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after acquiring an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC boosted its position in Nextracker by 72.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after acquiring an additional 1,105,617 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in Nextracker during the 2nd quarter valued at approximately $58,122,000. Finally, Nuveen LLC bought a new stake in Nextracker during the 1st quarter valued at approximately $40,356,000. 67.41% of the stock is 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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