Nextracker (NASDAQ:NXT) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Nextracker (NASDAQ:NXT) to a "hold" rating, joining several other analysts who have recently modified their ratings on the stock.
• Nextracker's current average rating is a "Moderate Buy," with a consensus price target of $64.37, according to MarketBeat.
• Insider transactions have been notable, with COO Nicholas Marco Miller and insider Bruce Ledesma both selling significant amounts of stock, resulting in decreases in their respective holdings.

Nextracker (NASDAQ:NXT - Get Free Report) was upgraded by Zacks Research to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

NXT has been the subject of a number of other research reports. Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Northland Securities restated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. TD Cowen boosted their price objective on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Barclays restated an "overweight" rating and set a $69.00 price objective (up previously from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Ten analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker has an average rating of "Moderate Buy" and a consensus price target of $64.37.

Nextracker Trading Down 2.4%

Shares of NASDAQ NXT opened at $53.99 on Tuesday. Nextracker has a twelve month low of $30.93 and a twelve month high of $67.87. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.29 and a beta of 2.25. The business has a 50 day simple moving average of $59.72 and a 200-day simple moving average of $50.89.

Insider Transactions at Nextracker

In other news, COO Nicholas Marco Miller sold 69,774 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the sale, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. This represents a 28.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the sale, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,136 shares of company stock valued at $10,605,803. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

Several hedge funds have recently added to or reduced their stakes in NXT. Russell Investments Group Ltd. boosted its stake in Nextracker by 53.0% during the 4th quarter. Russell Investments Group Ltd. now owns 61,111 shares of the company's stock valued at $2,232,000 after purchasing an additional 21,164 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Nextracker in the 4th quarter worth approximately $4,711,000. Sterling Capital Management LLC lifted its position in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares during the period. Barclays PLC lifted its position in shares of Nextracker by 28.6% in the 4th quarter. Barclays PLC now owns 334,188 shares of the company's stock worth $12,208,000 after acquiring an additional 74,388 shares during the period. Finally, Mariner LLC lifted its position in shares of Nextracker by 4.3% in the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after acquiring an additional 469 shares during the period. Institutional investors own 67.41% of the company's stock.

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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