Nicholas Marco Miller Sells 69,774 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT - Get Free Report) COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer now owns 175,216 shares of the company's stock, valued at $10,451,634.40. The trade was a 28.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Nextracker Trading Up 0.1%

Shares of NXT traded up $0.04 during mid-day trading on Monday, hitting $60.75. 1,860,880 shares of the company's stock traded hands, compared to its average volume of 2,807,531. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $63.19. The firm has a market capitalization of $8.89 billion, a P/E ratio of 15.46 and a beta of 2.39. The business's 50-day moving average price is $49.73 and its 200-day moving average price is $44.81.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently made changes to their positions in NXT. Vontobel Holding Ltd. purchased a new position in shares of Nextracker during the fourth quarter valued at approximately $1,582,000. Figure 8 Investment Strategies LLC purchased a new position in shares of Nextracker during the fourth quarter valued at approximately $393,000. Principal Securities Inc. increased its stake in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares during the period. Allworth Financial LP increased its stake in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Nextracker by 11.6% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 57,669 shares of the company's stock valued at $2,107,000 after buying an additional 5,999 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NXT. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Susquehanna lifted their price target on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research report on Thursday, May 15th. BMO Capital Markets lifted their price target on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. Mizuho raised their price objective on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Finally, The Goldman Sachs Group raised their price objective on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $60.33.

About Nextracker

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.