Nextracker (NASDAQ:NXT) Stock Rating Lowered by Wall Street Zen

Key Points

• Nextracker's stock rating has been downgraded by Wall Street Zen from "strong-buy" to "buy," indicating a less optimistic outlook from analysts.
• Despite the downgrade, several analysts have set **target prices** for the stock ranging from $74.00 to $120.00, with an average consensus price target of $88.05.
• Insider selling activity has been noted, with President Howard Wenger selling over 5,000 shares, which reduced his ownership in the company by 1.26%.

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday.

Several other equities analysts have also recently weighed in on the stock. Robert W. Baird set a $110.00 target price on shares of Nextracker in a research note on Friday. Jefferies Financial Group raised their target price on shares of Nextracker from $84.00 to $104.00 and gave the company a "buy" rating in a research note on Friday. Roth Capital set a $120.00 target price on shares of Nextracker in a research note on Friday. Wells Fargo & Company raised their target price on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, Guggenheim set a $74.00 target price on shares of Nextracker in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $88.05.

Nextracker Trading Up 8.7%

NASDAQ:NXT opened at $98.28 on Friday. Nextracker has a 1-year low of $31.18 and a 1-year high of $101.98. The firm has a fifty day simple moving average of $74.72 and a 200 day simple moving average of $61.29. The stock has a market capitalization of $14.54 billion, a PE ratio of 25.53, a P/E/G ratio of 2.25 and a beta of 2.27.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 5,217 shares of Nextracker stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the completion of the sale, the president owned 409,039 shares of the company's stock, valued at approximately $30,677,925. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the director directly owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,400 shares of company stock worth $2,053,385 over the last ninety days. Corporate insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Natural Investments LLC lifted its holdings in shares of Nextracker by 0.9% during the third quarter. Natural Investments LLC now owns 16,750 shares of the company's stock worth $1,239,000 after buying an additional 155 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Nextracker by 8.3% in the third quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company's stock valued at $191,000 after purchasing an additional 198 shares in the last quarter. State of Michigan Retirement System raised its stake in Nextracker by 0.6% in the second quarter. State of Michigan Retirement System now owns 34,600 shares of the company's stock valued at $1,881,000 after purchasing an additional 200 shares in the last quarter. Flputnam Investment Management Co. raised its stake in Nextracker by 2.4% in the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after purchasing an additional 201 shares in the last quarter. Finally, Redwood Investment Management LLC raised its stake in Nextracker by 4.1% in the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company's stock valued at $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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