Nicholas Marco Miller Sells 69,774 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT) COO Nicholas Marco Miller sold 69,774 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the transaction, the chief operating officer now directly owns 175,216 shares of the company’s stock, valued at $10,451,634.40. This represents a 28.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Nextracker Trading Up 2.2%

NASDAQ:NXT opened at $60.71 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $63.19. The company has a market cap of $8.88 billion, a PE ratio of 15.45 and a beta of 2.39. The company has a 50 day simple moving average of $49.25 and a two-hundred day simple moving average of $44.62.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Nextracker by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after purchasing an additional 243,635 shares during the period. Wellington Management Group LLP grew its position in shares of Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after acquiring an additional 1,890,445 shares during the period. Invesco Ltd. grew its position in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after acquiring an additional 1,329,456 shares during the period. Sachem Head Capital Management LP grew its position in shares of Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock valued at $108,768,000 after acquiring an additional 122,500 shares during the period. Finally, Norges Bank bought a new stake in shares of Nextracker during the 4th quarter valued at $106,166,000. Institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. The Goldman Sachs Group increased their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Robert W. Baird cut their price target on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Fox Advisors cut shares of Nextracker from an “overweight” rating to an “equal weight” rating in a report on Thursday, May 15th. Finally, BMO Capital Markets increased their price target on shares of Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.33.

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.