Wall Street Zen Downgrades Nextracker (NASDAQ:NXT) to Buy

Key Points

• Wall Street Zen has downgraded Nextracker from a "strong-buy" rating to a "buy" rating in a recent report.
• Despite the downgrade, Nextracker still maintains a consensus rating of "Moderate Buy" from analysts, with a price target of $62.05.
• Insider transactions revealed that company executives sold significant shares, indicating a 2.69% and 7.29% decrease in their respective positions.

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

Several other analysts have also issued reports on NXT. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. BMO Capital Markets lifted their price target on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. The Goldman Sachs Group lifted their price target on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Wells Fargo & Company lifted their price target on Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. Finally, Guggenheim cut Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.05.

Nextracker Price Performance

Shares of NXT opened at $64.53 on Friday. The firm has a market cap of $9.44 billion, a PE ratio of 18.60, a PEG ratio of 1.56 and a beta of 2.25. The stock's fifty day moving average price is $59.61 and its two-hundred day moving average price is $49.45. Nextracker has a 1 year low of $30.93 and a 1 year high of $67.87.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 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 $333,630.00. Following the completion of the transaction, the president directly owned 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, the chief accounting officer owned 124,615 shares of the company's stock, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock valued at $12,169,880 over the last quarter. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC lifted its stake in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after acquiring 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 about $40,000. Sterling Capital Management LLC lifted its stake in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares during the last quarter. Finally, Virtus Fund Advisers LLC bought a new stake in shares of Nextracker in the 4th quarter valued at about $47,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.

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