JPMorgan Chase & Co. Raises Nextracker (NASDAQ:NXT) Price Target to $77.00

Nextracker (NASDAQ:NXT) had its price target upped by stock analysts at JPMorgan Chase & Co. from $69.00 to $77.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 7.92% from the company’s previous close.

Several other brokerages have also recently issued reports on NXT. Zacks Research upgraded shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. 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. Wall Street Zen upgraded shares of Nextracker from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 3rd. Barclays reiterated an “overweight” rating and issued a $69.00 price target (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Finally, UBS Group lifted their price target on shares of Nextracker from $71.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, July 31st. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $65.84.

Nextracker Stock Performance

Shares of Nextracker stock opened at $71.35 on Friday. Nextracker has a 52-week low of $30.93 and a 52-week high of $72.12. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 1.66 and a beta of 2.26. The company’s 50 day moving average price is $63.49 and its 200-day moving average price is $54.70.

Insider Activity

In other news, Director William D. Watkins sold 10,000 shares of the business’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 sale, the director owned 7,666 shares in the company, valued at approximately $435,352.14. The trade was a 56.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Charles D. Boynton sold 4,500 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the sale, the chief financial officer owned 295,059 shares in the company, valued at approximately $19,830,915.39. This trade represents a 1.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,987 shares of company stock worth $2,321,454. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

Several large investors have recently modified their holdings of NXT. Tidal Investments LLC raised its position in shares of Nextracker by 81.5% in the 4th quarter. Tidal Investments LLC now owns 14,625 shares of the company’s stock worth $534,000 after purchasing an additional 6,567 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Nextracker by 5.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,648 shares of the company’s stock worth $13,357,000 after purchasing an additional 20,430 shares during the last quarter. CSS LLC IL purchased a new position in shares of Nextracker in the 4th quarter worth about $345,000. Vise Technologies Inc. purchased a new position in shares of Nextracker in the 4th quarter worth about $271,000. Finally, Neo Ivy Capital Management raised its position in shares of Nextracker by 175.9% in the 4th quarter. Neo Ivy Capital Management now owns 5,424 shares of the company’s stock worth $198,000 after purchasing an additional 3,458 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.