Nextracker (NASDAQ:NXT) Reaches New 12-Month High - Here's Why

Key Points

• Nextracker Inc. shares reached a new 52-week high during trading, hitting $68.75 before closing at $65.70, marking a significant increase from the previous close of $60.58.
• Several brokerages have upgraded their price targets for Nextracker, with Susquehanna setting a target of $76.00 and Wells Fargo increasing theirs to $72.00, reflecting strong market confidence.
• Insider trading activity has been notable, with executives like COO Nicholas Marco Miller and President Howard Wenger selling shares, indicating a 3.18% and 1.23% reduction in their respective ownership stakes.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $68.75 and last traded at $65.70, with a volume of 1124638 shares trading hands. The stock had previously closed at $60.58.

Wall Street Analyst Weigh In

Several brokerages have commented on NXT. BMO Capital Markets boosted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. Susquehanna boosted their price target on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a report on Monday, July 21st. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Finally, Wells Fargo & Company boosted their price target on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Nine analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Price Performance

The firm has a market capitalization of $9.82 billion, a price-to-earnings ratio of 18.06, a P/E/G ratio of 1.41 and a beta of 2.25. The stock has a fifty day moving average of $59.75 and a two-hundred day moving average of $51.05.

Insider Buying and Selling

In other news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares of the company's stock, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Howard Wenger sold 5,216 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $65.00, for a total value of $339,040.00. Following the completion of the sale, the president directly owned 419,959 shares of the company's stock, valued at approximately $27,297,335. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,136 shares of company stock worth $10,605,803. Corporate insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in NXT. Cullen Frost Bankers Inc. boosted its holdings in Nextracker by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock worth $32,000 after acquiring an additional 324 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after acquiring an additional 577 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Nextracker by 1,737.8% in the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock worth $45,000 after acquiring an additional 782 shares in the last quarter. MAI Capital Management boosted its holdings in Nextracker by 309.4% in the second quarter. MAI Capital Management now owns 831 shares of the company's stock worth $45,000 after acquiring an additional 628 shares in the last quarter. Finally, Summit Securities Group LLC boosted its holdings in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after acquiring an additional 804 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

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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