Nextracker (NASDAQ:NXT) Stock Rating Lowered by Fox Advisors

Nextracker (NASDAQ:NXT) was downgraded by investment analysts at Fox Advisors from an “overweight” rating to an “equal weight” rating in a report issued on Thursday, MarketBeat Ratings reports.

NXT has been the subject of a number of other research reports. Susquehanna upped their price target on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research report on Wednesday, January 29th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. The Goldman Sachs Group upped their price target on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Barclays reduced their price objective on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. 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 company’s stock. According to data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $59.90.

Nextracker Stock Performance

NXT stock opened at $59.31 on Thursday. The company has a market cap of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker has a 1 year low of $30.93 and a 1 year high of $63.19. The stock’s fifty day moving average price is $43.44 and its 200-day moving average price is $42.01.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 27,453 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $60.17, for a total value of $1,651,847.01. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now directly owns 219,389 shares of the company’s stock, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. 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 ninety days. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its position in shares of Nextracker by 259.8% during the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after buying an additional 187,598 shares during the period. Trium Capital LLP lifted its stake in shares of Nextracker by 18.8% during the 4th quarter. Trium Capital LLP now owns 7,666 shares of the company’s stock worth $280,000 after acquiring an additional 1,213 shares during the last quarter. Clear Harbor Asset Management LLC boosted its holdings in Nextracker by 0.7% during the 4th quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company’s stock valued at $5,598,000 after acquiring an additional 1,086 shares during the period. Fort Washington Investment Advisors Inc. OH purchased a new position in Nextracker during the 4th quarter valued at $10,228,000. Finally, Nisa Investment Advisors LLC grew its position in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other 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.