Nextracker (NASDAQ:NXT) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Nextracker has been upgraded by Wall Street Zen from a "buy" to a "strong-buy" rating, signaling increased investor confidence in the stock.
• Bank of America revised its price target for Nextracker from $66.00 to $69.00, while Wells Fargo increased theirs from $71.00 to $72.00, indicating positive outlooks from multiple analysts.
• Insiders have recently sold a significant number of shares, with notable sales by COO Nicholas Marco Miller and insider Bruce Ledesma, reflecting a potential decrease in insider optimism.

Nextracker (NASDAQ:NXT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Sunday.

Other equities research analysts have also issued reports about the company. Bank of America boosted their price objective on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday. Truist Financial boosted their price objective on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a research note on Wednesday. Finally, Cowen reiterated a "hold" rating on shares of Nextracker in a research note on Wednesday. Nine investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.37.

Nextracker Trading Down 2.9%

NASDAQ:NXT opened at $56.57 on Friday. Nextracker has a 12 month low of $30.93 and a 12 month high of $67.87. The stock has a 50 day moving average of $59.94 and a two-hundred day moving average of $50.15. The firm has a market cap of $8.27 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 1.37 and a beta of 2.25.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the transaction, the insider directly owned 195,790 shares in the company, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares of the company's stock, valued at $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. boosted its position in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after buying an additional 577 shares during the period. Cullen Frost Bankers Inc. boosted its position in shares of Nextracker by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock worth $32,000 after buying an additional 324 shares during the period. Summit Securities Group LLC boosted its position in shares of Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nextracker in the first quarter valued at $40,000. Finally, Sterling Capital Management LLC raised its stake in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

About Nextracker

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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