Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Nextracker (NASDAQ:NXT) had its price objective lifted by equities research analysts at Wells Fargo & Company from $69.00 to $71.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 20.36% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Robert W. Baird reduced their price target on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Northland Securities reissued an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. TD Cowen increased their price target on Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, May 15th. Royal Bank of Canada assumed coverage on Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price objective for the company. Finally, Truist Financial increased their target price on Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $60.00.

Nextracker Stock Up 1.1%

Shares of NASDAQ NXT opened at $58.99 on Monday. Nextracker has a 52-week low of $30.93 and a 52-week high of $63.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The business has a fifty day moving average of $44.00 and a two-hundred day moving average of $42.35. The stock has a market cap of $8.59 billion, a PE ratio of 15.01 and a beta of 2.03.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer now owns 124,615 shares in the company, valued at approximately $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 27,453 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 120,972 shares in the company, valued at approximately $7,278,885.24. This trade represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,320 shares of company stock worth $2,524,532 over the last ninety days. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its position in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 577 shares during the period. Allworth Financial LP increased its stake in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Summit Securities Group LLC increased its stake in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker during the 1st quarter worth approximately $40,000. Finally, Sterling Capital Management LLC lifted its stake in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after buying an additional 1,055 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

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.