Nextracker (NASDAQ:NXT) Sets New 1-Year High After Analyst Upgrade

Key Points

• Nextracker shares hit a new 52-week high of $87.90 following an upgrade from a buy rating to a strong-buy rating by Wall Street Zen.
• The company has recently received multiple positive ratings from various analysts, with target prices ranging from $74.00 to $100.00, reflecting strong market confidence.
• Insider transactions included notable sales from CFO Charles D. Boynton and President Howard Wenger, both of which have decreased their ownership stakes in the company.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $87.90 and last traded at $86.95, with a volume of 2291485 shares. The stock had previously closed at $86.96.

Several other equities research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Nextracker in a report on Tuesday, September 30th. They set a "buy" rating and a $88.00 target price for the company. Susquehanna increased their target price on Nextracker from $76.00 to $100.00 and gave the company a "positive" rating in a report on Monday. UBS Group upped their price target on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.35.

Insider Transactions at Nextracker

In other Nextracker 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 transaction, the chief financial officer owned 295,059 shares in the company, valued at approximately $19,830,915.39. This represents a 1.50% 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, President Howard Wenger sold 5,703 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,400 shares of company stock worth $2,053,385 in the last ninety days. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently bought and sold shares of NXT. Norges Bank bought a new position in Nextracker in the 2nd quarter worth about $140,772,000. Wellington Management Group LLP boosted its stake in Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC boosted its stake in Nextracker by 72.5% in the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after purchasing an additional 1,105,617 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Nextracker in the 2nd quarter worth about $58,122,000. Finally, Nuveen LLC bought a new position in Nextracker in the 1st quarter worth about $40,356,000. Institutional investors own 67.41% of the company's stock.

Nextracker Trading Down 0.0%

The company has a market cap of $12.87 billion, a P/E ratio of 23.69, a PEG ratio of 2.70 and a beta of 2.27. The stock's 50 day moving average is $69.16 and its 200-day moving average is $58.67.

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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