Nextracker Inc. (NASDAQ:NXT) Receives $60.33 Consensus Target Price from Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have been given a consensus recommendation of “Moderate Buy” by the twenty-four ratings firms that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $60.33.

Several brokerages have recently issued reports on NXT. Roth Capital reaffirmed a “buy” rating and issued a $70.00 target price (up from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Guggenheim cut Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday, May 14th. Piper Sandler reissued an “overweight” rating on shares of Nextracker in a research report on Thursday, May 15th. Barclays increased their price target on Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Finally, Mizuho lifted their price objective on shares of Nextracker from $60.00 to $67.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd.

Nextracker Stock Down 0.1%

Shares of NXT stock opened at $58.98 on Friday. The company’s fifty day simple moving average is $47.93 and its two-hundred day simple moving average is $44.19. Nextracker has a 52 week low of $30.93 and a 52 week high of $63.19. The stock has a market cap of $8.63 billion, a P/E ratio of 15.01 and a beta of 2.39. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were 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 of the company’s stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 27,453 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the completion of the sale, the insider now owns 120,972 shares of the company’s stock, valued at approximately $7,278,885.24. This represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 129,898 shares of company stock worth $7,348,516. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

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

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.