Wall Street Zen Upgrades Nextracker (NASDAQ:NXT) to "Strong-Buy"

Nextracker (NASDAQ:NXT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued on Friday.

Several other brokerages have also commented on NXT. TD Cowen increased their price target on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. 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 note on Monday, May 19th. BMO Capital Markets increased their price target on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research note on Thursday, May 15th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group increased their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Six analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.57.

Nextracker Stock Performance

NXT stock opened at $60.53 on Friday. The company's 50 day moving average price is $58.93 and its 200 day moving average price is $48.66. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $67.87. The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 1.55 and a beta of 2.25.

Insider Buying and Selling

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president directly owned 219,389 shares of the company's stock, valued at $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 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 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. This trade represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,476 shares of company stock valued at $12,169,880. Insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently bought and sold shares of the business. New York State Teachers Retirement System raised its stake in shares of Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after purchasing an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Nextracker in the 1st quarter valued at approximately $210,000. Allspring Global Investments Holdings LLC raised its stake in shares of Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after acquiring an additional 6,693 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after acquiring an additional 1,792 shares in the last quarter. Finally, Unified Investment Management bought a new position in shares of Nextracker in the 1st quarter valued at approximately $583,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.