Nextracker (NASDAQ:NXT) Given New $67.00 Price Target at Mizuho

Nextracker (NASDAQ:NXT - Free Report) had its price objective raised by Mizuho from $60.00 to $67.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts also recently issued reports on NXT. The Goldman Sachs Group raised their price target on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. TD Cowen raised their price target on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a report on Thursday, May 15th. Bank of America lifted their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Truist Financial boosted their price target on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Nextracker Price Performance

Shares of NXT traded up $2.69 during trading hours on Monday, hitting $57.98. 2,328,408 shares of the company were exchanged, compared to its average volume of 2,876,074. The company has a market capitalization of $8.44 billion, a PE ratio of 14.75 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a fifty day simple moving average of $46.04 and a 200-day simple moving average of $43.37. Nextracker has a one year low of $30.93 and a one year high of $63.19.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 27,453 shares of Nextracker stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the completion of the transaction, the insider now directly owns 120,972 shares of the company's stock, valued at $7,278,885.24. This trade represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer now owns 124,615 shares in the company, valued at approximately $6,853,825. This represents a 7.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,898 shares of company stock valued at $7,348,516. Insiders own 0.27% of the company's stock.

Institutional Trading of Nextracker

Several large investors have recently added to or reduced their stakes in NXT. Northwestern Mutual Wealth Management Co. boosted its position in shares of Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares during the period. Allworth Financial LP lifted its holdings in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares in the last quarter. Summit Securities Group LLC lifted its holdings in shares of Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the first quarter worth $40,000. Finally, Sterling Capital Management LLC lifted its holdings in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.