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Nextracker (NASDAQ:NXT) Raised to Buy at Citigroup

Nextracker logo with Energy background

Key Points

  • Citigroup upgraded Nextracker from a "neutral" rating to a "buy," setting a price target of $114.00, indicating a potential upside of 28.35% from its current price.
  • Nextracker's stock has received multiple upgrades from analysts, with several firms raising their price targets significantly, reflecting a strong consensus rating of "Moderate Buy."
  • Insider selling occurred recently, with significant sales by the Director and CFO, indicating a 56.61% decrease in the Director's shares, which may raise concerns among investors.
  • MarketBeat previews top five stocks to own in November.

Nextracker (NASDAQ:NXT - Get Free Report) was upgraded by Citigroup from a "neutral" rating to a "buy" rating in a report released on Tuesday,Finviz reports. The firm currently has a $114.00 price objective on the stock. Citigroup's price objective indicates a potential upside of 28.35% from the company's current price.

A number of other equities analysts have also commented on NXT. Bank of America boosted their price objective on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Mizuho set a $76.00 price objective on shares of Nextracker in a report on Monday. The Goldman Sachs Group boosted their price objective on shares of Nextracker from $79.00 to $89.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Wells Fargo & Company boosted their price objective on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Roth Capital restated a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold 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 $75.05.

View Our Latest Stock Report on NXT

Nextracker Trading Up 2.0%

Shares of Nextracker stock opened at $88.82 on Tuesday. The company has a fifty day moving average price of $71.89 and a 200 day moving average price of $60.12. Nextracker has a twelve month low of $30.93 and a twelve month high of $93.90. The stock has a market cap of $13.14 billion, a price-to-earnings ratio of 24.20, a price-to-earnings-growth ratio of 2.16 and a beta of 2.27.

Insider Buying and Selling at Nextracker

In related 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 transaction of $567,900.00. Following the completion of the sale, the director owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the sale, the chief financial officer directly owned 295,059 shares of the company's stock, valued at approximately $19,830,915.39. This represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently modified their holdings of NXT. New York State Teachers Retirement System grew its position in 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 during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Nextracker in the 1st quarter worth about $210,000. Allspring Global Investments Holdings LLC grew its position in Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after purchasing an additional 6,693 shares during the last quarter. GAMMA Investing LLC grew its position in Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after purchasing an additional 1,792 shares during the last quarter. Finally, KBC Group NV grew its position in Nextracker by 719.8% in the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock worth $2,103,000 after purchasing an additional 43,820 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Company Profile

(Get Free Report)

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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Analyst Recommendations for Nextracker (NASDAQ:NXT)

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