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

Key Points

• Nextracker's stock rating has been upgraded from "buy" to "strong-buy" by analysts at Wall Street Zen.
• Several analysts have raised their price targets for Nextracker, with UBS Group increasing it from $71.00 to $75.00 and Bank of America from $66.00 to $69.00.
• Insiders, including CFO Charles D. Boynton and President Howard Wenger, have sold shares recently, indicating a 1.5% decrease in their ownership stakes.

Nextracker (NASDAQ:NXT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Sunday.

Several other research analysts also recently commented on the stock. Cowen reissued a "hold" rating on shares of Nextracker in a research note on Wednesday, July 30th. UBS Group raised their price target on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Bank of America lifted their target price on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Mizuho set a $66.00 target price on Nextracker in a report on Wednesday, July 30th. Finally, Robert W. Baird increased their target price on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $65.84.

Nextracker Stock Down 0.6%

Shares of NASDAQ NXT opened at $73.07 on Friday. The company's fifty day simple moving average is $64.63 and its 200 day simple moving average is $55.73. Nextracker has a 12-month low of $30.93 and a 12-month high of $74.48. The firm has a market cap of $10.81 billion, a PE ratio of 19.91, a P/E/G ratio of 1.70 and a beta of 2.26.

Insiders Place Their Bets

In other news, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the transaction, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the sale, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,399 shares of company stock worth $2,001,150. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Nextracker in the second quarter valued at about $140,772,000. Wellington Management Group LLP grew its position in Nextracker by 56.5% during the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after buying an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC lifted its stake in Nextracker by 72.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after purchasing an additional 1,105,617 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in Nextracker during the 2nd quarter worth $58,122,000. Finally, Nuveen LLC acquired a new stake in Nextracker during the 1st quarter worth about $40,356,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.

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