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

Shares of Nextracker Inc. (NASDAQ:NXT) have received an average rating of “Moderate Buy” from the twenty-three brokerages that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $59.90.

Several equities analysts have weighed in on NXT shares. Truist Financial raised their price target on Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday. TD Cowen lifted their price objective on Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Thursday. Barclays lifted their price objective on Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Finally, Guggenheim downgraded Nextracker from a “buy” rating to a “neutral” rating in a research report on Wednesday.

Nextracker Stock Performance

NASDAQ NXT opened at $59.31 on Wednesday. Nextracker has a 1-year low of $30.93 and a 1-year high of $63.19. The company has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. The business has a 50 day moving average price of $43.44 and a 200 day moving average price of $42.01. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the business’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 transaction, the chief accounting officer now owns 124,615 shares in the company, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 27,453 shares of the business’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 completion of 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 a total of 43,320 shares of company stock worth $2,524,532 over the last quarter. 0.27% of the stock is owned by corporate insiders.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently bought and sold shares of NXT. Norges Bank bought a new position in shares of Nextracker during the fourth quarter valued at approximately $106,166,000. Wellington Management Group LLP grew its holdings in shares of Nextracker by 56.5% during the first 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 during the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Nextracker during the fourth quarter valued at approximately $55,690,000. Invesco Ltd. grew its holdings in shares of Nextracker by 52.2% during the fourth 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 during the last quarter. Finally, Nuveen LLC bought a new position in shares of Nextracker during the first quarter valued at approximately $40,356,000. 67.41% of the stock is owned by institutional investors.

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.