Nextracker (NASDAQ:NXT) Hits New 1-Year High – Here’s What Happened

Nextracker Inc. (NASDAQ:NXT)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $106.90 and last traded at $104.62, with a volume of 218008 shares trading hands. The stock had previously closed at $101.22.

Analysts Set New Price Targets

NXT has been the subject of a number of research reports. JPMorgan Chase & Co. upped their target price on shares of Nextracker from $92.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Zacks Research raised shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. Susquehanna boosted their price target on shares of Nextracker from $76.00 to $100.00 and gave the stock a “positive” rating in a research note on Monday, October 13th. Cowen reiterated a “hold” rating on shares of Nextracker in a research note on Friday, October 24th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Nextracker in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $94.05.

Nextracker Stock Up 2.5%

The firm has a market cap of $15.35 billion, a PE ratio of 26.93, a P/E/G ratio of 2.52 and a beta of 2.27. The firm’s 50 day moving average is $78.02 and its 200-day moving average is $63.89.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 5,703 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the transaction, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the transaction, the chief financial officer 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 32,400 shares of company stock valued at $2,053,385. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Nextracker

Several hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System increased its stake in Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock valued at $5,268,000 after buying an additional 19,247 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Nextracker in the first quarter worth approximately $210,000. Allspring Global Investments Holdings LLC increased its position in shares of Nextracker by 51.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after acquiring an additional 6,693 shares in the last quarter. Ethic Inc. grew its position in Nextracker by 65.1% during the second quarter. Ethic Inc. now owns 8,469 shares of the company’s stock valued at $494,000 after purchasing an additional 3,339 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock valued at $115,000 after buying an additional 1,792 shares during the period. 67.41% of the stock is currently owned by institutional investors.

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.