Nextracker (NASDAQ:NXT) Lowered to "Hold" Rating by Northland Capmk

Key Points

• Northland Capmk downgraded Nextracker from a "strong-buy" rating to a "hold" rating, reflecting a shift in analysts' outlook towards the company.
• Despite the downgrade, Nextracker has received several upgrades from other institutions, with Wells Fargo boosting its price target to $72 and Bank of America increasing it to $69.
• Insider trading activity has been notable, as CAO David P. Bennett and COO Nicholas Marco Miller sold significant shares of the company's stock recently, indicating potential changes in sentiment among corporate executives.

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by analysts at Northland Capmk from a "strong-buy" rating to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other analysts have also recently issued reports on the stock. Truist Financial boosted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Wall Street Zen lowered shares of Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Cowen reissued a "hold" rating on shares of Nextracker in a research report on Wednesday. The Goldman Sachs Group upped their price objective on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Guggenheim lowered shares of Nextracker from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 14th. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $63.95.

Nextracker Stock Down 2.9%

Shares of NXT traded down $1.69 during mid-day trading on Wednesday, reaching $56.57. 2,175,333 shares of the company's stock were exchanged, compared to its average volume of 2,436,135. The company has a 50-day simple moving average of $59.94 and a two-hundred day simple moving average of $50.10. Nextracker has a 52-week low of $30.93 and a 52-week high of $67.87. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.41 and a beta of 2.25.

Insider Activity

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the transaction, the insider owned 195,790 shares in the company, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares of the company's stock, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock worth $12,169,880 in the last quarter. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of 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 in the last quarter. Invesco Ltd. boosted its holdings in shares of Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after acquiring an additional 1,329,456 shares in the last quarter. Sachem Head Capital Management LP boosted its holdings in shares of Nextracker by 4.3% in the fourth quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after acquiring an additional 122,500 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Nextracker by 72.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after buying an additional 1,105,617 shares in the last quarter. Finally, Deutsche Bank AG grew its position in Nextracker by 12.8% in the fourth quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after buying an additional 244,725 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.