Nextracker (NASDAQ:NXT) Shares Gap Up Following Analyst Upgrade

Key Points

• Nextracker Inc. shares surged after Citigroup upgraded the stock from a neutral rating to a buy rating, raising the price target from $66.00 to $114.00.
• The stock opened at $92.00, up from the previous close of $88.82, and last traded at $89.02 with a trading volume of 350,907 shares.
• Recent insider activity saw President Howard Wenger selling 5,217 shares at an average price of $75.00, representing a 1.26% decrease in his position.

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) gapped up before the market opened on Tuesday after Citigroup upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $88.82, but opened at $92.00. Citigroup now has a $114.00 price target on the stock, up from their previous price target of $66.00. Nextracker shares last traded at $89.02, with a volume of 350,907 shares traded.

A number of other analysts have also recently weighed in on the stock. Mizuho set a $76.00 price objective on shares of Nextracker in a research note on Monday. Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective for the company in a research note on Monday, August 18th. Northland Capmk cut shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. TD Cowen boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Barclays reaffirmed an "overweight" rating and set a $92.00 target price on shares of Nextracker in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $76.05.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 5,217 shares of the firm's stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president directly owned 409,039 shares in the company, valued at approximately $30,677,925. This trade represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 in the last quarter. Insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Nextracker

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

Nextracker Price Performance

The stock has a 50-day simple moving average of $71.89 and a 200-day simple moving average of $60.12. The stock has a market cap of $13.10 billion, a P/E ratio of 24.20, a PEG ratio of 2.16 and a beta of 2.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.