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

Key Points

• Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating, indicating increased investor confidence.
• Several analysts have raised their price targets for Nextracker, with Robert W. Baird adjusting theirs from $67 to $76, suggesting a positive outlook for the stock.
• Insider trading activity has been noted, with prominent individuals selling shares, reflecting possible short-term profit-taking despite overall institutional interest in the company.

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

A number of other equities research analysts have also recently weighed in on the company. Robert W. Baird raised their price target on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Nextracker in a research report on Tuesday, September 30th. They issued a "buy" rating and a $88.00 price objective on the stock. Barclays reiterated an "overweight" rating and issued a $92.00 price objective on shares of Nextracker in a research report on Thursday, October 2nd. The Goldman Sachs Group increased their price objective on Nextracker from $79.00 to $89.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Finally, Cowen reiterated a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.35.

Nextracker Price Performance

NXT stock opened at $86.96 on Tuesday. The business has a fifty day moving average price of $68.54 and a 200 day moving average price of $58.47. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $87.53. The stock has a market capitalization of $12.87 billion, a price-to-earnings ratio of 23.69, a P/E/G ratio of 2.57 and a beta of 2.27.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 6,980 shares of the firm'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 directly owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock valued at $2,053,385 over the last 90 days. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA boosted its position in shares of Nextracker by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company's stock worth $417,334,000 after purchasing an additional 83,227 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Nextracker by 56.5% during the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after acquiring an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC lifted its holdings in Nextracker by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company's stock worth $158,748,000 after acquiring an additional 289,663 shares in the last quarter. Norges Bank bought a new position in Nextracker during the second quarter worth about $140,772,000. Finally, Handelsbanken Fonder AB lifted its holdings in Nextracker by 8.3% during the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company's stock worth $125,225,000 after acquiring an additional 176,530 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

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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