Nextracker (NASDAQ:NXT) Rating Lowered to "Buy" at Wall Street Zen

Key Points

• Nextracker's stock rating has been downgraded from "strong-buy" to "buy" by Wall Street Zen, signaling a shift in analyst sentiment.
• The average price target for Nextracker is currently $68.10, with a consensus rating of "Moderate Buy" among analysts.
• Recent insider trading at Nextracker includes the sale of over 32,000 shares by company executives in the last three months, indicating a potential decline in insider confidence.

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

Other equities analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Nextracker in a report on Tuesday, September 30th. They issued a "buy" rating and a $88.00 price target on the stock. Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Robert W. Baird boosted their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Zacks Research raised shares of Nextracker to a "hold" rating in a report on Tuesday, August 12th. Finally, TD Cowen boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and an average price target of $68.10.

Nextracker Trading Down 2.8%

NASDAQ NXT opened at $77.13 on Monday. The firm's fifty day simple moving average is $65.99 and its two-hundred day simple moving average is $56.91. Nextracker has a 12-month low of $30.93 and a 12-month high of $80.83. The firm has a market capitalization of $11.41 billion, a P/E ratio of 21.02, a P/E/G ratio of 2.43 and a beta of 2.27.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 5,217 shares of the company's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $75.00, for a total value of $391,275.00. Following the sale, the president directly owned 409,039 shares of the company's stock, valued at approximately $30,677,925. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction on 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 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 sold a total of 32,400 shares of company stock valued at $2,053,385 in the last three months. Company insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA raised its position in shares of Nextracker by 1.1% in the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company's stock worth $417,334,000 after acquiring an additional 83,227 shares during the period. Wellington Management Group LLP raised its position in shares of Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after acquiring an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC raised its position in shares of Nextracker by 11.0% in the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company's stock worth $158,748,000 after acquiring an additional 289,663 shares during the period. Norges Bank acquired a new position in shares of Nextracker in the second quarter worth about $140,772,000. Finally, Handelsbanken Fonder AB raised its position in shares of Nextracker by 8.3% in the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company's stock worth $125,225,000 after acquiring an additional 176,530 shares during the period. 67.41% of the stock is owned by hedge funds and other 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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