William D. Watkins Sells 10,000 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Key Points

• William D. Watkins, a director at Nextracker Inc., sold 10,000 shares of the company’s stock for a total of $567,900, reducing his ownership by 56.61%.
• Nextracker's stock experienced a slight decline to $56.02, with a recent trading volume of about 1.5 million shares.
• Analysts are optimistic, with a consensus rating of "Moderate Buy" and an average price target of $64.37 for Nextracker, reflecting overall positive sentiment in the market.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Nextracker Stock Performance

NASDAQ:NXT traded down $0.29 during trading hours on Tuesday, hitting $56.02. The company's stock had a trading volume of 1,520,885 shares, compared to its average volume of 2,461,203. The business's 50-day moving average is $59.95 and its two-hundred day moving average is $50.27. The company has a market capitalization of $8.19 billion, a PE ratio of 15.26, a PEG ratio of 1.30 and a beta of 2.25. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $67.87.

Institutional Trading of Nextracker

Several large investors have recently bought and sold shares of the company. New York State Teachers Retirement System raised its holdings 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 valued at $5,268,000 after buying an additional 19,247 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Nextracker during the 1st quarter valued at about $210,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nextracker by 51.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after buying an additional 6,693 shares during the period. GAMMA Investing LLC raised its holdings in shares of Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after buying an additional 1,792 shares during the period. Finally, KBC Group NV raised its holdings in shares of Nextracker by 719.8% during the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after buying an additional 43,820 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NXT shares. Robert W. Baird raised their price objective on shares of Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. UBS Group reissued a "buy" rating and issued a $75.00 price objective (up previously from $71.00) on shares of Nextracker in a report on Thursday, July 31st. Barclays reissued an "overweight" rating and issued a $69.00 price objective (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Finally, Truist Financial lifted their price target on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Nine equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $64.37.

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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