Robert W. Baird Increases Nextracker (NASDAQ:NXT) Price Target to $76.00

Nextracker (NASDAQ:NXT - Get Free Report) had its price target upped by stock analysts at Robert W. Baird from $67.00 to $76.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target would suggest a potential upside of 23.24% from the company's current price.

Other analysts have also issued reports about the stock. Truist Financial increased their price target on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Roth Capital reiterated a "buy" rating and issued a $70.00 price target (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Fox Advisors lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price target on shares of Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. Five investment 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Nextracker Trading Down 1.5%

Shares of NXT stock traded down $0.95 during trading hours on Tuesday, hitting $61.67. The company's stock had a trading volume of 630,046 shares, compared to its average volume of 2,673,676. The business has a fifty day moving average of $56.81 and a 200-day moving average of $47.65. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 1.65 and a beta of 2.25. Nextracker has a twelve month low of $30.93 and a twelve month high of $67.87.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president owned 219,389 shares of the company's stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were 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 directly owned 175,216 shares in the company, valued at approximately $10,451,634.40. This represents a 28.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,476 shares of company stock worth $12,169,880. Company insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Nextracker by 44.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 48,234 shares of the company's stock valued at $2,622,000 after acquiring an additional 14,800 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Nextracker during the 2nd quarter valued at $2,685,000. Wealth Enhancement Advisory Services LLC grew its holdings in Nextracker by 25.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 13,936 shares of the company's stock valued at $758,000 after purchasing an additional 2,821 shares in the last quarter. Swedbank AB grew its holdings in Nextracker by 86.3% during the 2nd quarter. Swedbank AB now owns 114,000 shares of the company's stock valued at $6,198,000 after purchasing an additional 52,800 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in Nextracker by 13.3% during the 2nd quarter. Parallel Advisors LLC now owns 6,515 shares of the company's stock valued at $354,000 after purchasing an additional 763 shares in the last quarter. 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.