Nextracker (NASDAQ:NXT) Cut to "Buy" at Wall Street Zen

Key Points

• Nextracker has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting a cautious outlook from analysts.
• Bank of America and other firms have adjusted their price targets for Nextracker, with Bank of America increasing its target from $66 to $69, highlighting ongoing interest in the stock.
• Despite recent insider selling, institutional investors are notably increasing their stakes in Nextracker, indicating confidence in the company's long-term prospects.

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also recently commented on the company. Zacks Research raised Nextracker to a "hold" rating in a report on Tuesday, August 12th. UBS Group boosted their target price on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price target on shares of Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Mizuho set a $66.00 price target on shares of Nextracker in a research report on Wednesday, July 30th. One 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 data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $65.84.

Nextracker Stock Performance

Shares of NXT traded down $0.44 during mid-day trading on Friday, reaching $72.71. 85,261 shares of the company's stock traded hands, compared to its average volume of 2,480,408. The business's 50-day moving average price is $63.75 and its 200-day moving average price is $55.01. The stock has a market capitalization of $10.76 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 1.66 and a beta of 2.26. Nextracker has a 12 month low of $30.93 and a 12 month high of $73.84.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 5,703 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,987 shares of company stock valued at $2,321,454. 0.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. grew its position in shares of Nextracker by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock valued at $32,000 after acquiring an additional 324 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares in the last quarter. Hantz Financial Services Inc. raised its stake in Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock worth $45,000 after purchasing an additional 782 shares in the last quarter. MAI Capital Management raised its stake in Nextracker by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company's stock worth $45,000 after purchasing an additional 628 shares in the last quarter. Finally, Summit Securities Group LLC raised its stake in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares in the last quarter. Institutional investors 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.