Nextracker (NASDAQ:NXT) Reaches New 52-Week High - Time to Buy?

Key Points

• Nextracker's stock reached a new 52-week high of $74.48 during mid-day trading, closing at $72.76 with over 2.2 million shares traded.
• Analysts have a positive outlook on Nextracker, with one Strong Buy rating, fourteen Buy ratings, and an average price target of $65.84.
• CEO and director insider selling has raised concerns, with the CFO selling around 4,500 shares and the director selling 10,000 shares in separate transactions.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $74.48 and last traded at $72.76, with a volume of 2289039 shares changing hands. The stock had previously closed at $70.56.

Wall Street Analyst Weigh In

NXT has been the topic of a number of research reports. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Barclays reiterated an "overweight" rating and set a $69.00 price objective (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Robert W. Baird upped 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. JPMorgan Chase & Co. upped their price target on Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. Finally, Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target on the stock in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $65.84.

Nextracker Stock Performance

The company has a market cap of $10.77 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 1.64 and a beta of 2.26. The stock's fifty day moving average is $64.12 and its two-hundred day moving average is $55.24.

Insider Buying and Selling

In related news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction 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 completion of the sale, the director directly owned 7,666 shares of the company's stock, valued at $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. In the last ninety days, insiders sold 32,399 shares of company stock valued at $2,001,150. 0.56% of the stock is owned by company insiders.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in the company. Reynders McVeigh Capital Management LLC increased its stake in Nextracker by 18.6% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 110,736 shares of the company's stock valued at $6,021,000 after buying an additional 17,403 shares during the last quarter. Osaic Holdings Inc. increased its stake in Nextracker by 214.8% in the 2nd quarter. Osaic Holdings Inc. now owns 14,791 shares of the company's stock valued at $804,000 after buying an additional 10,092 shares during the last quarter. Munro Partners purchased a new stake in Nextracker in the 2nd quarter valued at about $1,559,000. Thrivent Financial for Lutherans increased its stake in Nextracker by 78.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 60,160 shares of the company's stock valued at $3,271,000 after buying an additional 26,466 shares during the last quarter. Finally, State of Wyoming increased its position in shares of Nextracker by 221.8% during the second quarter. State of Wyoming now owns 14,075 shares of the company's stock valued at $765,000 after acquiring an additional 9,701 shares during the last quarter. Hedge funds and other 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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