Nextracker Inc. (NASDAQ:NXT) Given Average Rating of “Moderate Buy” by Analysts

Nextracker Inc. (NASDAQ:NXT) has earned an average rating of “Moderate Buy” from the twenty-six ratings firms that are covering the company, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $71.10.

Several brokerages recently commented on NXT. Roth Capital reaffirmed a “buy” rating and issued a $80.00 target price (up from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Barclays reaffirmed an “overweight” rating and issued a $92.00 target price on shares of Nextracker in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Nextracker in a research note on Tuesday, September 30th. They issued a “buy” rating and a $88.00 target price on the stock. Wells Fargo & Company lifted their target price on shares of Nextracker from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Finally, Northland Capmk downgraded shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 30th.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider directly owned 195,790 shares of the company’s stock, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction, the chief financial officer directly owned 295,059 shares in the company, 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. Insiders sold a total of 32,400 shares of company stock valued at $2,053,385 in the last 90 days. 0.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA increased its position in Nextracker by 1.1% during the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after purchasing an additional 83,227 shares during the period. Wellington Management Group LLP boosted its holdings 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 buying an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in shares of Nextracker by 11.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after buying an additional 289,663 shares in the last quarter. Norges Bank bought a new stake in shares of Nextracker during the 2nd quarter valued at $140,772,000. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Nextracker by 8.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after buying an additional 176,530 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Performance

NXT stock opened at $87.06 on Friday. The company has a market capitalization of $12.88 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 2.17 and a beta of 2.27. Nextracker has a one year low of $30.93 and a one year high of $93.90. The company’s 50 day moving average price is $71.18 and its two-hundred day moving average price is $59.52.

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.