Nextracker (NASDAQ:NXT) Given New $76.00 Price Target at Robert W. Baird

Nextracker (NASDAQ:NXT - Get Free Report) had its price target raised by Robert W. Baird from $67.00 to $76.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target indicates a potential upside of 21.37% from the stock's current price.

NXT has been the subject of a number of other reports. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Barclays boosted their target price on shares of Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Truist Financial boosted their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Fox Advisors downgraded shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Finally, TD Cowen boosted their target price on shares of Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday, May 15th. Five equities research 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.67.

Nextracker Stock Down 2.0%

NASDAQ:NXT traded down $1.30 on Tuesday, reaching $62.62. The stock had a trading volume of 2,033,720 shares, compared to its average volume of 2,679,107. The company has a market capitalization of $9.16 billion, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 1.65 and a beta of 2.25. Nextracker has a 1-year low of $30.93 and a 1-year high of $67.87. The stock has a fifty day moving average price of $56.39 and a 200-day moving average price of $47.47.

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider owned 195,790 shares of the company's stock, valued at $10,907,460.90. The trade was a 29.91% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,476 shares of company stock worth $12,169,880. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Flputnam Investment Management Co. boosted its holdings in Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock worth $363,000 after purchasing an additional 201 shares during the last quarter. Shell Asset Management Co. lifted its stake in Nextracker by 0.4% in the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after acquiring an additional 228 shares during the last quarter. Signaturefd LLC lifted its stake in Nextracker by 10.2% in the first quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after acquiring an additional 239 shares during the last quarter. Trust Investment Advisors lifted its stake in Nextracker by 2.8% in the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after acquiring an additional 258 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 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.