Analysts Set Nextracker Inc. (NASDAQ:NXT) Price Target at $60.33

Shares of Nextracker Inc. (NASDAQ:NXT) have been given a consensus recommendation of “Moderate Buy” by the twenty-four analysts that are covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $60.33.

NXT has been the subject of a number of analyst reports. BMO Capital Markets boosted their target price on shares of Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a research note on Thursday, May 15th. Roth Capital reissued a “buy” rating and set a $70.00 target price (up from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Guggenheim lowered shares of Nextracker from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 14th. Barclays boosted their target price on shares of Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Finally, TD Cowen boosted their target price on shares of Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, May 15th.

Nextracker Trading Down 1.2%

NASDAQ NXT opened at $59.42 on Friday. Nextracker has a one year low of $30.93 and a one year high of $63.19. The company has a 50-day simple moving average of $48.78 and a 200-day simple moving average of $44.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market capitalization of $8.69 billion, a PE ratio of 15.12 and a beta of 2.39.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the transaction, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 27,453 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the transaction, the insider now directly owns 120,972 shares in the company, valued at $7,278,885.24. The trade was a 18.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,898 shares of company stock valued at $7,348,516. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several large investors have recently added to or reduced their stakes in NXT. Vontobel Holding Ltd. bought a new stake in Nextracker in the fourth quarter worth approximately $1,582,000. Figure 8 Investment Strategies LLC bought a new stake in shares of Nextracker during the 4th quarter worth $393,000. Principal Securities Inc. boosted its holdings in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the period. Allworth Financial LP boosted its holdings in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its holdings in shares of Nextracker by 11.6% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 57,669 shares of the company’s stock worth $2,107,000 after buying an additional 5,999 shares during the period. 67.41% of the stock is 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.