Nextracker (NASDAQ:NXT) Reaches New 1-Year High – Here’s What Happened

Nextracker Inc. (NASDAQ:NXT) reached a new 52-week high during trading on Friday . The stock traded as high as $71.27 and last traded at $69.63, with a volume of 178903 shares changing hands. The stock had previously closed at $68.85.

Analyst Ratings Changes

Several research analysts have recently commented on NXT shares. The Goldman Sachs Group lifted their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Mizuho set a $66.00 price objective on shares of Nextracker in a research report on Wednesday, July 30th. Truist Financial lifted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. BMO Capital Markets lifted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a research report on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of Nextracker from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.00.

Nextracker Trading Up 1.8%

The company has a market capitalization of $10.37 billion, a P/E ratio of 19.11, a P/E/G ratio of 1.63 and a beta of 2.26. The business’s 50-day simple moving average is $62.35 and its 200 day simple moving average is $53.11.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the sale, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. The trade was a 1.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total transaction of $320,304.16. Following the sale, the chief operating officer owned 170,000 shares in the company, valued at $9,744,400. This trade represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,261 shares of company stock valued at $6,181,028 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA grew its stake in shares of Nextracker by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after purchasing an additional 83,227 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock worth $220,722,000 after purchasing an additional 1,890,445 shares during the last quarter. Sachem Head Capital Management LP grew its stake in shares of Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock worth $108,768,000 after purchasing an additional 122,500 shares during the last quarter. Encompass Capital Advisors LLC grew its stake in shares of Nextracker by 11.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after purchasing an additional 289,663 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Nextracker in the 2nd quarter worth approximately $140,772,000. 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.