Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Nextracker (NASDAQ:NXT - Get Free Report) had its price target lifted by analysts at Robert W. Baird from $67.00 to $76.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Robert W. Baird's price target suggests a potential upside of 19.92% from the stock's current price.

Several other research firms also recently commented on NXT. Royal Bank Of Canada began coverage on shares of Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price target on the stock. Barclays lifted their price target on shares of Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, May 16th. BMO Capital Markets boosted their target price on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a report on Thursday, May 15th. Truist Financial lifted their price target on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, Wall Street Zen raised Nextracker from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and a consensus price target of $61.67.

Nextracker Trading Down 0.9%

Shares of NXT stock traded down $0.57 during trading hours on Tuesday, reaching $63.38. The stock had a trading volume of 661,781 shares, compared to its average volume of 2,676,468. The stock's fifty day simple moving average is $55.93 and its 200 day simple moving average is $47.36. Nextracker has a 12 month low of $30.93 and a 12 month high of $67.87. The firm has a market capitalization of $9.27 billion, a PE ratio of 18.29, a PEG ratio of 1.71 and a beta of 2.25.

Insider Transactions at Nextracker

In related news, COO Nicholas Marco Miller sold 5,588 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the sale, the chief operating officer owned 170,000 shares in the company, valued at approximately $9,744,400. The trade was a 3.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares in the company, valued at approximately $6,853,825. This trade represents a 7.29% 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 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Nextracker in the 4th quarter valued at about $106,166,000. Wellington Management Group LLP increased its holdings in shares of Nextracker by 56.5% in the 1st 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 during the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Nextracker in the 4th quarter valued at about $55,690,000. Invesco Ltd. increased its holdings in shares of Nextracker by 52.2% in the 4th 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 during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Nextracker in the 1st quarter valued at about $40,356,000. Hedge funds and other 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.