Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s stock price shot up 5.1% during trading on Friday . The company traded as high as $57.08 and last traded at $56.77. 893,205 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,501,147 shares. The stock had previously closed at $53.99.
Analyst Upgrades and Downgrades
A number of research firms recently commented on NXT. Mizuho set a $66.00 price objective on Nextracker in a report on Wednesday, July 30th. Susquehanna increased their price objective on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a report on Monday, July 21st. UBS Group increased their price objective on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Bank of America increased their price objective on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Finally, Northland Capmk downgraded Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $65.00.
View Our Latest Stock Analysis on NXT
Nextracker Stock Down 0.9%
The company has a market capitalization of $9.76 billion, a P/E ratio of 18.15, a PEG ratio of 1.57 and a beta of 2.25. The firm has a 50-day moving average price of $60.07 and a two-hundred day moving average price of $51.27.
Insiders Place Their Bets
In other news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction that occurred on 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider directly owned 195,790 shares of the company's stock, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 184,136 shares of company stock valued at $10,605,803 over the last ninety days. 0.56% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of NXT. New York State Teachers Retirement System raised its holdings in shares of Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after buying an additional 19,247 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Nextracker in the 1st quarter valued at about $210,000. Allspring Global Investments Holdings LLC increased its position in Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after acquiring an additional 6,693 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after acquiring an additional 1,792 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Nextracker by 719.8% during the first quarter. KBC Group NV now owns 49,908 shares of the company's stock worth $2,103,000 after purchasing an additional 43,820 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.
Nextracker Company Profile
(
Get Free Report)
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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