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

Key Points

• Nextracker's stock has maintained a "hold (C+)" rating from Weiss Ratings, while analysts from other firms have assigned various ratings, including a "buy" and a price target increase to $110.00 from JPMorgan Chase & Co.
• The company's stock has shown significant upward movement, trading up 8.7% recently, with its current market capitalization standing at approximately $14.54 billion.
• Insider trading activity includes notable sales by CFO Charles D. Boynton and President Howard Wenger, with shares sold at average prices of $67.21 and $75.00, respectively, leading to minor decreases in their ownership stakes.

Nextracker (NASDAQ:NXT - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by equities researchers at Weiss Ratings in a research report issued to clients and investors on Saturday,Weiss Ratings reports.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC assumed coverage on Nextracker in a report on Wednesday. They issued a "buy" rating and a $102.00 target price on the stock. JPMorgan Chase & Co. raised their price target on shares of Nextracker from $92.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday. TD Cowen raised their price target on shares of Nextracker from $65.00 to $88.00 and gave the company a "hold" rating in a research report on Friday. Cowen reissued a "hold" rating on shares of Nextracker in a research report on Friday. Finally, Roth Capital set a $120.00 price target on shares of Nextracker in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $88.05.

Nextracker Trading Up 8.7%

Nextracker stock opened at $98.28 on Friday. The business's fifty day simple moving average is $74.72 and its two-hundred day simple moving average is $61.46. Nextracker has a 12 month low of $31.18 and a 12 month high of $101.98. The company has a market capitalization of $14.54 billion, a price-to-earnings ratio of 25.53, a price-to-earnings-growth ratio of 2.45 and a beta of 2.27.

Insider Activity at Nextracker

In related news, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the sale, the chief financial officer owned 295,059 shares in the company, valued at approximately $19,830,915.39. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 5,217 shares of the firm's stock in a transaction that occurred 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 in the company, valued at $30,677,925. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,400 shares of company stock worth $2,053,385. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Cullen Frost Bankers Inc. boosted its stake in shares of Nextracker by 122.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock worth $32,000 after acquiring an additional 324 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after acquiring an additional 577 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Nextracker by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock worth $45,000 after acquiring an additional 782 shares during the last quarter. MAI Capital Management boosted its stake in shares of Nextracker by 309.4% during the 2nd quarter. MAI Capital Management now owns 831 shares of the company's stock worth $45,000 after acquiring an additional 628 shares during the last quarter. Finally, Summit Securities Group LLC boosted its stake in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after acquiring an additional 804 shares during the last quarter. Hedge funds and other 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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