Nextracker (NASDAQ:NXT) Trading Up 9.3% Following Analyst Upgrade

Shares of Nextracker Inc. (NASDAQ:NXT) shot up 9.3% during trading on Friday after Jefferies Financial Group raised their price target on the stock from $84.00 to $104.00. Jefferies Financial Group currently has a buy rating on the stock. Nextracker traded as high as $101.98 and last traded at $98.81. 2,548,403 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 2,470,117 shares. The stock had previously closed at $90.38.

Several other research firms have also issued reports on NXT. Guggenheim set a $74.00 target price on Nextracker in a research report on Wednesday. Deutsche Bank Aktiengesellschaft set a $99.00 target price on Nextracker and gave the stock a “buy” rating in a research report on Friday. Barclays restated an “overweight” rating and set a $92.00 target price on shares of Nextracker in a research report on Thursday, October 2nd. Roth Capital set a $120.00 target price on Nextracker in a research report on Friday. Finally, UBS Group boosted their target price on Nextracker from $71.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $88.05.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,400 shares of company stock worth $2,053,385. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Several institutional investors have recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. lifted 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 acquiring an additional 577 shares in the last quarter. Cullen Frost Bankers Inc. lifted 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 acquiring an additional 324 shares in the last quarter. Summit Securities Group LLC lifted 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 acquiring an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Nextracker in the 1st quarter valued at approximately $40,000. Finally, Hantz Financial Services Inc. lifted its stake in 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 acquiring an additional 782 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 8.7%

The stock has a market cap of $14.54 billion, a P/E ratio of 25.53, a PEG ratio of 2.25 and a beta of 2.27. The company has a 50 day simple moving average of $74.72 and a 200 day simple moving average of $61.29.

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.