Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, Bank of America Analyst Says

Nextracker (NASDAQ:NXT) had its price target increased by Bank of America from $55.00 to $65.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 9.59% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. TD Cowen boosted their price objective on Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday. Truist Financial lowered their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Robert W. Baird lowered their price objective on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Finally, Piper Sandler set a $49.00 price objective on Nextracker in a research note on Monday, April 21st. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.90.

Nextracker Trading Down 3.7%

NASDAQ NXT opened at $59.31 on Thursday. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of 15.09 and a beta of 2.03. Nextracker has a one year low of $30.93 and a one year high of $63.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The business’s fifty day moving average is $43.44 and its 200-day moving average is $42.01.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were 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 directly owns 219,389 shares in the company, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 27,453 shares of Nextracker stock in a transaction that occurred on 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 sale, the insider now owns 120,972 shares of the company’s stock, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,320 shares of company stock worth $2,524,532. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its position in Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares during the last quarter. Allworth Financial LP lifted its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the last quarter. Summit Securities Group LLC lifted its position in 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 purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Nextracker during the first quarter valued at approximately $40,000. Finally, Fifth Third Bancorp lifted its position in Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after purchasing an additional 260 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.