Nextracker (NASDAQ:NXT) Shares Up 3.3% - Time to Buy?

Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s share price traded up 3.3% during mid-day trading on Friday . The stock traded as high as $57.08 and last traded at $57.24. 499,199 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 2,872,677 shares. The stock had previously closed at $55.43.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Roth Capital reissued a "buy" rating and issued a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Truist Financial increased their price objective on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Royal Bank of Canada initiated coverage on shares of Nextracker in a report on Monday, March 17th. They set an "outperform" rating and a $55.00 price target for the company. Mizuho set a $60.00 price target on shares of Nextracker in a report on Thursday, May 15th. Finally, Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $60.00.

Nextracker Stock Performance

The stock's 50-day moving average price is $45.80 and its 200-day moving average price is $43.24. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.30 billion, a P/E ratio of 14.51 and a beta of 2.03.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now owns 219,389 shares of the company's stock, valued at $12,066,395. This trade represents a 2.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the sale, the insider now directly owns 195,790 shares in the company, 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 three months, insiders have sold 129,898 shares of company stock worth $7,348,516. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Nextracker by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after acquiring an additional 243,635 shares during the period. Wellington Management Group LLP increased its holdings in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after acquiring an additional 1,890,445 shares during the period. Invesco Ltd. increased its holdings in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the period. Sachem Head Capital Management LP increased its holdings in shares of Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock worth $108,768,000 after acquiring an additional 122,500 shares during the period. Finally, Norges Bank acquired a new position in Nextracker during the 4th quarter valued at about $106,166,000. Institutional investors and hedge funds 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.