Nextracker's (NXT) Hold (C+) Rating Reiterated at Weiss Ratings

Key Points

• Weiss Ratings has reiterated a "hold (C+)" rating for Nextracker (NXT), maintaining its status as a moderate buy with an average target price of $69.15.
• Insider sales included notable transactions by Bruce Ledesma and William D. Watkins, who reduced their stakes, with a combined total of 16,980 shares sold.
• Nextracker's stock opened at $78.50, has a market cap of $11.61 billion, and has seen a one-year low of $30.93 and a high of $80.83.

Nextracker (NASDAQ:NXT - Get Free Report)'s stock had its "hold (c+)" rating reissued by stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

NXT has been the topic of several other reports. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Barclays reissued an "overweight" rating and set a $92.00 target price on shares of Nextracker in a research note on Thursday, October 2nd. Guggenheim raised shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective for the company in a research note on Monday, August 18th. Cowen reissued a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. Finally, Roth Capital reissued a "buy" rating and set a $80.00 target price (up previously from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $69.15.

Nextracker Stock Performance

Nextracker stock opened at $78.50 on Wednesday. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of 21.39, a price-to-earnings-growth ratio of 2.41 and a beta of 2.27. Nextracker has a 1 year low of $30.93 and a 1 year high of $80.83. The firm's 50 day moving average price is $66.89 and its two-hundred day moving average price is $57.43.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the sale, the insider owned 195,790 shares of the company's stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. The trade was a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA increased its stake in Nextracker by 1.1% in the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company's stock valued at $417,334,000 after acquiring an additional 83,227 shares during the period. Wellington Management Group LLP increased its stake in Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after acquiring an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC increased its stake in Nextracker by 11.0% in the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company's stock valued at $158,748,000 after acquiring an additional 289,663 shares during the period. Norges Bank bought a new stake in Nextracker in the second quarter valued at about $140,772,000. Finally, Handelsbanken Fonder AB increased its stake in Nextracker by 8.3% in the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company's stock valued at $125,225,000 after acquiring an additional 176,530 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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