JPMorgan Chase & Co. Boosts Nextracker (NASDAQ:NXT) Price Target to $77.00

Key Points

• JPMorgan Chase & Co. raised Nextracker's price target from $69.00 to $77.00, indicating a potential upside of 7.97% from its current price.
• Several analysts have recently increased their price objectives for Nextracker, with a consensus target price of $65.84 and a current rating of "Moderate Buy."
• Nextracker shares recently traded at $71.31, reflecting a 1.2% increase, while the company has a market capitalization of $10.55 billion.

Nextracker (NASDAQ:NXT - Free Report) had its price target upped by JPMorgan Chase & Co. from $69.00 to $77.00 in a report released on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

NXT has been the topic of a number of other reports. UBS Group raised their target price on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Cowen reaffirmed a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Barclays restated an "overweight" rating and issued a $69.00 price target (up previously from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Robert W. Baird lifted their target price on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Susquehanna lifted their target price on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research note on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and an average target price of $65.84.

Nextracker Trading Down 2.1%

Shares of Nextracker stock traded down $1.57 on Friday, hitting $71.57. The stock had a trading volume of 690,366 shares, compared to its average volume of 2,483,435. Nextracker has a 52-week low of $30.93 and a 52-week high of $73.84. The stock has a market cap of $10.59 billion, a price-to-earnings ratio of 19.46, a P/E/G ratio of 1.66 and a beta of 2.26. The company's 50 day moving average price is $63.75 and its 200 day moving average price is $55.01.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction 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 transaction, the chief operating officer owned 170,000 shares in the company, 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 SEC, which can be accessed through this link. Also, President Howard Wenger sold 5,703 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the transaction, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,987 shares of company stock worth $2,321,454. Corporate insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

A number of institutional investors have recently added to or reduced their stakes in the stock. Reynders McVeigh Capital Management LLC boosted its holdings in Nextracker by 18.6% during the second quarter. Reynders McVeigh Capital Management LLC now owns 110,736 shares of the company's stock worth $6,021,000 after buying an additional 17,403 shares in 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 purchasing an additional 10,092 shares in the last quarter. Munro Partners purchased a new position in Nextracker in the 2nd quarter valued at approximately $1,559,000. Thrivent Financial for Lutherans grew its holdings in Nextracker by 78.5% in the second quarter. Thrivent Financial for Lutherans now owns 60,160 shares of the company's stock valued at $3,271,000 after purchasing an additional 26,466 shares during the last quarter. Finally, State of Wyoming grew its holdings in Nextracker by 221.8% in the second quarter. State of Wyoming now owns 14,075 shares of the company's stock valued at $765,000 after purchasing an additional 9,701 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

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.