Analysts Set Nextracker Inc. (NASDAQ:NXT) Target Price at $65.00

Shares of Nextracker Inc. (NASDAQ:NXT) have received an average rating of “Moderate Buy” from the twenty-four brokerages that are currently covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $65.00.

A number of research analysts have recently issued reports on NXT shares. Susquehanna boosted their price target on shares of Nextracker from $66.00 to $76.00 and gave the stock a “positive” rating in a research note on Monday, July 21st. Roth Capital reiterated a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Bank of America upped their target price on shares of Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Nextracker from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 3rd. Finally, Northland Capmk lowered shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th.

Nextracker Stock Up 2.6%

Shares of Nextracker stock opened at $70.48 on Tuesday. Nextracker has a 52-week low of $30.93 and a 52-week high of $71.44. The company’s 50-day simple moving average is $63.29 and its 200-day simple moving average is $54.42. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 19.20, a price-to-earnings-growth ratio of 1.60 and a beta of 2.26.

Insider Activity at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 5,588 shares of the company’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the transaction, the chief operating officer directly owned 170,000 shares in the company, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Charles D. Boynton sold 4,500 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,987 shares of company stock valued at $2,321,454 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors lifted its holdings in shares of Nextracker by 131.5% in the fourth quarter. Captrust Financial Advisors now owns 13,468 shares of the company’s stock valued at $492,000 after purchasing an additional 7,650 shares in the last quarter. Graham Capital Management L.P. purchased a new position in shares of Nextracker during the fourth quarter valued at approximately $230,000. Nomura Holdings Inc. purchased a new position in shares of Nextracker during the fourth quarter valued at approximately $695,000. ProShare Advisors LLC lifted its stake in shares of Nextracker by 40.0% during the fourth quarter. ProShare Advisors LLC now owns 50,368 shares of the company’s stock valued at $1,840,000 after buying an additional 14,387 shares during the period. Finally, Raiffeisen Bank International AG purchased a new position in shares of Nextracker during the fourth quarter valued at approximately $171,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.