Nextracker's (NXT) Neutral Rating Reaffirmed at Guggenheim

Key Points

• Nextracker's stock has received a "neutral" rating from Guggenheim, while other analysts have assigned it "buy" or "overweight" ratings with price targets ranging from $75 to $100.
• The company's share price opened at $89.70, and it has experienced a significant price range with a 52-week low of $30.93 and a high of $93.90.
• Insider trading activity has been notable, with two key insiders selling a total of 16,980 shares, indicating potential fluctuations in investor confidence.

Nextracker (NASDAQ:NXT - Get Free Report)'s stock had its "neutral" rating reissued by investment analysts at Guggenheim in a report released on Wednesday.

Several other research analysts have also recently commented on NXT. UBS Group increased their price target on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Barclays reissued an "overweight" rating and set a $92.00 price target on shares of Nextracker in a research report on Thursday, October 2nd. JPMorgan Chase & Co. raised their price objective on Nextracker from $77.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Nextracker in a research report on Tuesday, September 30th. They issued a "buy" rating and a $88.00 price objective for the company. Finally, Roth Capital reaffirmed a "buy" rating and issued a $100.00 price objective (up from $80.00) on shares of Nextracker in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus price target of $77.29.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $89.70 on Wednesday. The stock has a 50 day moving average price of $72.59 and a 200 day moving average price of $60.32. Nextracker has a 52 week low of $30.93 and a 52 week high of $93.90. The stock has a market capitalization of $13.27 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 2.21 and a beta of 2.27.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,400 shares of company stock worth $2,053,385 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. increased its stake in 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 period. Northwestern Mutual Wealth Management Co. increased its stake in 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 period. Hantz Financial Services Inc. increased its stake in shares of Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock valued at $45,000 after purchasing an additional 782 shares during the last quarter. MAI Capital Management increased its stake in shares of Nextracker by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company's stock valued at $45,000 after purchasing an additional 628 shares during the last quarter. Finally, Summit Securities Group LLC increased its stake in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.