The Goldman Sachs Group Boosts Nextracker (NASDAQ:NXT) Price Target to $89.00

Key Points

• Goldman Sachs has raised its price target for Nextracker (NASDAQ:NXT) from $79.00 to $89.00, indicating a potential upside of 13.38% from its current price, while maintaining a "buy" rating on the stock.
• Analysts from other firms have varying price targets for Nextracker, with Barclays setting the highest at $92.00, while the overall consensus suggests a moderate buy rating and a target price of $69.15.
• Nextracker's CFO, Charles D. Boynton, recently sold shares worth over $302,000, representing a 1.50% decrease in his ownership, amidst a backdrop of significant insider selling over the past three months.

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective lifted by equities research analysts at The Goldman Sachs Group from $79.00 to $89.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price objective suggests a potential upside of 13.38% from the stock's current price.

Several other analysts also recently issued reports on NXT. Mizuho set a $66.00 price objective on Nextracker in a research report on Wednesday, July 30th. Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a report on Monday, August 18th. Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Barclays restated an "overweight" rating and issued a $92.00 price target on shares of Nextracker in a report on Thursday, October 2nd. Finally, Wall Street Zen downgraded shares of Nextracker from a "strong-buy" rating to a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.15.

Nextracker Price Performance

Shares of NXT stock traded up $0.95 during midday trading on Wednesday, reaching $78.50. 896,933 shares of the company traded hands, compared to its average volume of 2,067,109. The firm's 50 day simple moving average is $66.89 and its two-hundred day simple moving average is $57.43. Nextracker has a 1-year low of $30.93 and a 1-year high of $80.83. The firm has a market cap of $11.61 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 2.41 and a beta of 2.27.

Insider Buying and Selling at Nextracker

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares of the company's stock, valued at $19,830,915.39. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider owned 195,790 shares of the company's stock, valued at $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,400 shares of company stock worth $2,053,385. Insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. lifted its holdings in Nextracker by 122.3% in 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 during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after buying an additional 577 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock valued at $45,000 after purchasing an additional 782 shares during the last quarter. MAI Capital Management lifted its stake in shares of Nextracker by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company's stock valued at $45,000 after purchasing an additional 628 shares during the period. Finally, Summit Securities Group LLC grew its position in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares during the period. 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.

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