Nextracker (NASDAQ:NXT) Stock Rating Lowered by Wall Street Zen

Nextracker (NASDAQ:NXT) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

A number of other analysts have also recently weighed in on NXT. Northland Capmk cut shares of Nextracker from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Bank of America raised their target price on shares of Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Susquehanna raised their target price on shares of Nextracker from $66.00 to $76.00 and gave the stock a “positive” rating in a report on Monday, July 21st. Wells Fargo & Company raised their target price on shares of Nextracker from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Finally, TD Cowen raised their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.84.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $71.35 on Friday. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.64 and a beta of 2.26. Nextracker has a 1-year low of $30.93 and a 1-year high of $72.12. The company has a 50 day moving average price of $63.49 and a 200 day moving average price of $54.62.

Insiders Place Their Bets

In related news, COO Nicholas Marco Miller sold 5,588 shares of the firm’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value 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 trade represents a 3.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% 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 worth $2,321,454 in the last ninety days. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. grew its stake in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 577 shares during the last quarter. Cullen Frost Bankers Inc. grew its stake in Nextracker by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after buying an additional 324 shares during the last quarter. Summit Securities Group LLC grew its stake in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker in the 1st quarter worth $40,000. Finally, Hantz Financial Services Inc. grew its position in Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after purchasing an additional 782 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.