Brokerages Set Nextracker Inc. (NASDAQ:NXT) Price Target at $55.70

Shares of Nextracker Inc. (NASDAQ:NXT) have received a consensus recommendation of “Moderate Buy” from the twenty-three research firms that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $59.90.

Several equities research analysts have weighed in on NXT shares. Royal Bank of Canada assumed coverage on shares of Nextracker in a report on Monday, March 17th. They issued an “outperform” rating and a $55.00 target price on the stock. Susquehanna raised their price objective on Nextracker from $54.00 to $66.00 and gave the stock a “positive” rating in a research note on Thursday. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Truist Financial boosted their target price on Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, BMO Capital Markets raised their price target on Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a research report on Thursday.

Insider Transactions at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the firm’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 directly owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on 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 now owns 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,320 shares of company stock valued at $2,524,532 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextracker

A number of large investors have recently added to or reduced their stakes in NXT. Norges Bank bought a new stake in shares of Nextracker in the 4th quarter valued at about $106,166,000. Wellington Management Group LLP increased its position 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 buying an additional 1,890,445 shares during the last quarter. Encompass Capital Advisors LLC bought a new stake in Nextracker in the fourth quarter valued at approximately $55,690,000. Invesco Ltd. lifted its position in shares of Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after buying an additional 1,329,456 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Nextracker during the 1st quarter worth approximately $40,356,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $59.31 on Wednesday. The firm’s 50 day simple moving average is $43.44 and its 200 day simple moving average is $42.10. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The company has a market capitalization of $8.64 billion, a price-to-earnings ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

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.