Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has raised Nextracker's price target from $92.00 to $110.00, indicating a potential upside of 21.71% from its current price and maintaining an "overweight" rating.
• Analyst ratings for Nextracker vary, with one upgrading to a "strong-buy," while the overall consensus remains a "Moderate Buy" with a target price of $80.86.
• Insider sales were reported, including sales by Director William D. Watkins and CFO Charles D. Boynton, with directors owning only 0.56% of the company's stock after these transactions.

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective lifted by stock analysts at JPMorgan Chase & Co. from $92.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 21.71% from the company's current price.

Other research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a report on Tuesday, October 14th. Cowen restated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Robert W. Baird upped their target price on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Roth Capital restated a "buy" rating and issued a $100.00 target price (up from $80.00) on shares of Nextracker in a report on Tuesday. Finally, Needham & Company LLC initiated coverage on shares of Nextracker in a report on Wednesday. They issued a "buy" rating and a $102.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.86.

Nextracker Stock Up 3.2%

Nextracker stock opened at $90.38 on Friday. The firm has a market capitalization of $13.37 billion, a PE ratio of 24.63, a P/E/G ratio of 2.18 and a beta of 2.27. The firm's 50-day simple moving average is $73.96 and its 200 day simple moving average is $60.87. Nextracker has a 52 week low of $30.93 and a 52 week high of $93.90.

Insider Activity at Nextracker

In other news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is owned by insiders.

Institutional Trading of Nextracker

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Natural Investments LLC increased its position in Nextracker by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company's stock worth $1,239,000 after purchasing an additional 155 shares in the last quarter. Farther Finance Advisors LLC increased its position in Nextracker by 8.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company's stock worth $191,000 after purchasing an additional 198 shares in the last quarter. State of Michigan Retirement System increased its position in Nextracker by 0.6% during the 2nd quarter. State of Michigan Retirement System now owns 34,600 shares of the company's stock worth $1,881,000 after purchasing an additional 200 shares in the last quarter. Flputnam Investment Management Co. increased its position in Nextracker by 2.4% during the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock worth $363,000 after purchasing an additional 201 shares in the last quarter. Finally, Redwood Investment Management LLC increased its position in Nextracker by 4.1% during the 2nd quarter. Redwood Investment Management LLC now owns 5,177 shares of the company's stock worth $281,000 after purchasing an additional 204 shares in the last quarter. Institutional investors and hedge funds 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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