Nextracker (NASDAQ:NXT) Hits New 1-Year High After Analyst Upgrade

Nextracker Inc. (NASDAQ:NXT) hit a new 52-week high during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $69.00 to $77.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Nextracker traded as high as $72.12 and last traded at $71.42, with a volume of 635181 shares changing hands. The stock had previously closed at $70.48.

Several other brokerages have also issued reports on NXT. Mizuho set a $66.00 target price on shares of Nextracker in a research report on Wednesday, July 30th. Northland Capmk cut shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Guggenheim upgraded shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 target price on the stock in a research note on Monday, August 18th. Robert W. Baird upped their target price on shares of Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Finally, Cowen reaffirmed a “hold” rating on shares of Nextracker in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $65.84.

Insider Activity

In other 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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the sale, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 37,987 shares of company stock worth $2,321,454. 0.56% of the stock is owned by insiders.

Institutional Trading of Nextracker

Several hedge funds have recently made changes to their positions in the business. Reynders McVeigh Capital Management LLC raised its position in shares of Nextracker by 18.6% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 110,736 shares of the company’s stock valued at $6,021,000 after buying an additional 17,403 shares in the last quarter. Osaic Holdings Inc. raised its position in Nextracker by 214.8% in the 2nd quarter. Osaic Holdings Inc. now owns 14,791 shares of the company’s stock worth $804,000 after purchasing an additional 10,092 shares during the period. Munro Partners purchased a new stake in Nextracker in the 2nd quarter worth about $1,559,000. Thrivent Financial for Lutherans raised its position in Nextracker by 78.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 60,160 shares of the company’s stock worth $3,271,000 after purchasing an additional 26,466 shares during the period. Finally, State of Wyoming raised its position in Nextracker by 221.8% in the 2nd quarter. State of Wyoming now owns 14,075 shares of the company’s stock worth $765,000 after purchasing an additional 9,701 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Trading Up 1.2%

The company has a market capitalization of $10.56 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.64 and a beta of 2.26. The stock’s 50-day moving average is $63.49 and its two-hundred day moving average is $54.62.

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.