Nextracker (NASDAQ:NXT) Given Market Perform Rating at Northland Securities

Key Points

• Northland Securities has downgraded Nextracker's stock rating from "outperform" to "market perform," reflecting a shift in investor outlook.
• Despite the downgrade, several other research firms, including Robert W. Baird and Bank of America, maintain bullish ratings and have increased their price targets for Nextracker shares.
• Insider activity includes significant stock sales, with Nextracker's President and CAO selling shares, indicating potential speculation about the company's future performance.

Nextracker (NASDAQ:NXT - Get Free Report)'s stock had its "market perform" rating reaffirmed by equities researchers at Northland Securities in a report issued on Wednesday, MarketBeat.com reports.

NXT has been the topic of several other reports. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Robert W. Baird lifted their target price on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Roth Capital reiterated a "buy" rating and issued a $80.00 price target (up from $70.00) on shares of Nextracker in a research report on Tuesday. Susquehanna upped their price target on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Finally, BMO Capital Markets lifted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research note on Thursday, May 15th. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $63.95.

Nextracker Price Performance

Shares of NASDAQ NXT traded down $1.69 during mid-day trading on Wednesday, reaching $56.57. 2,175,333 shares of the company traded hands, compared to its average volume of 2,436,135. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $67.87. The firm has a market cap of $8.27 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 1.41 and a beta of 2.25. The stock has a fifty day simple moving average of $59.94 and a 200-day simple moving average of $50.10.

Insiders Place Their Bets

In other news, President Howard Wenger sold 5,216 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total value of $339,040.00. Following the transaction, the president owned 419,959 shares in the company, valued at $27,297,335. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the sale, the chief accounting officer directly owned 124,615 shares of the company's stock, valued at $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after acquiring an additional 577 shares in the last quarter. Cullen Frost Bankers Inc. raised 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 purchasing an additional 324 shares in the last quarter. Summit Securities Group LLC lifted its holdings in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker in the 1st quarter valued at approximately $40,000. Finally, Sterling Capital Management LLC increased its holdings in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

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.