Stock Traders Purchase High Volume of Call Options on Nextracker (NASDAQ:NXT)

Nextracker Inc. (NASDAQ:NXT) was the recipient of unusually large options trading on Thursday. Stock investors purchased 6,533 call options on the stock. This represents an increase of 86% compared to the typical volume of 3,515 call options.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 27,453 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the completion of the transaction, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO David P. Bennett sold 9,801 shares of the business’s 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 now owns 124,615 shares of the company’s stock, valued at $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,320 shares of company stock worth $2,524,532 in the last ninety days. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Norges Bank purchased a new position in Nextracker in the 4th quarter valued at about $106,166,000. Wellington Management Group LLP raised its stake in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Nextracker in the 4th quarter valued at about $55,690,000. Invesco Ltd. raised its stake in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Nextracker in the 1st quarter valued at about $40,356,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Performance

NASDAQ:NXT opened at $59.31 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a 50-day moving average of $43.44 and a two-hundred day moving average of $42.01. The stock has a market cap of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. Nextracker has a 1-year low of $30.93 and a 1-year high of $63.19.

Analysts Set New Price Targets

A number of research firms have recently commented on NXT. Truist Financial upped their price objective on Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group upped their price objective on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. TD Cowen upped their price objective on Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday. BMO Capital Markets upped their price objective on Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a report on Thursday. Finally, Roth Capital restated a “buy” rating and set a $70.00 price objective (up from $55.00) on shares of Nextracker in a report on Thursday. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $59.90.

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.