Nextracker (NASDAQ:NXT) Trading Up 11% After Analyst Upgrade

Nextracker Inc. (NASDAQ:NXT)’s stock price was up 11% during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $61.00 to $68.00. The Goldman Sachs Group currently has a buy rating on the stock. Nextracker traded as high as $61.30 and last traded at $61.11. Approximately 1,627,984 shares traded hands during trading, a decline of 45% from the average daily volume of 2,950,635 shares. The stock had previously closed at $55.04.

A number of other research analysts also recently weighed in on NXT. Northland Securities restated an “outperform” rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Robert W. Baird decreased their price target on Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Piper Sandler set a $49.00 price target on Nextracker in a research note on Monday, April 21st. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, Guggenheim downgraded Nextracker from a “buy” rating to a “neutral” rating in a research note on Wednesday. Five investment 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Insider Buying and Selling at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Northwestern Mutual Wealth Management Co. raised its stake in shares of 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 purchasing an additional 577 shares during the last quarter. Allworth Financial LP raised its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Summit Securities Group LLC increased its position in shares of Nextracker by 796.0% during the first 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 last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Nextracker during the first quarter valued at approximately $40,000. Finally, Sterling Capital Management LLC increased its position in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after acquiring an additional 1,055 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 11.9%

The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.97 billion, a PE ratio of 15.67 and a beta of 2.03. The stock has a 50-day moving average of $43.15 and a 200 day moving average of $41.83.

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.