Nextracker (NASDAQ:NXT) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Nextracker (NASDAQ:NXT) from a buy rating to a strong-buy rating in a research note issued to investors on Sunday morning.

A number of other brokerages have also issued reports on NXT. TD Cowen boosted their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Barclays reissued an “overweight” rating and set a $69.00 target price (up from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Mizuho set a $66.00 price objective on shares of Nextracker in a research note on Wednesday, July 30th. Robert W. Baird upped their price objective on shares of Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Finally, Bank of America upped their price objective on shares of Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. One 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 presently has an average rating of “Moderate Buy” and a consensus target price of $65.84.

Nextracker Trading Down 0.6%

Shares of NXT opened at $73.07 on Friday. The firm has a market capitalization of $10.81 billion, a P/E ratio of 19.91, a P/E/G ratio of 1.70 and a beta of 2.26. Nextracker has a 12-month low of $30.93 and a 12-month high of $74.48. The firm has a fifty day moving average price of $64.63 and a 200-day moving average price of $55.80.

Insider Activity

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the 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 completion of the sale, the insider directly owned 195,790 shares of the company’s stock, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction dated 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 directly owned 295,059 shares of the company’s stock, valued at approximately $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. In the last ninety days, insiders sold 32,399 shares of company stock valued at $2,001,150. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Nextracker

Several hedge funds have recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. raised its position in shares of 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 purchasing an additional 577 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in shares of 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 purchasing an additional 324 shares during the last quarter. Summit Securities Group LLC raised its position in shares of 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 purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the 1st quarter valued at approximately $40,000. Finally, Hantz Financial Services Inc. raised its position in shares of Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after purchasing an additional 782 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.