Insider Selling: Nextracker Inc. (NASDAQ:NXT) COO Sells 69,774 Shares of Stock

Nextracker Inc. (NASDAQ:NXT) COO Nicholas Marco Miller sold 69,774 shares of the company’s stock in a transaction dated 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 approximately $10,451,634.40. This represents a 28.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Nextracker Stock Performance

Nextracker stock opened at $60.71 on Friday. The stock has a market cap of $8.88 billion, a P/E ratio of 15.45 and a beta of 2.39. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a 50 day moving average of $49.25 and a 200-day moving average of $44.59. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $63.19.

Hedge Funds Weigh In On Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in NXT. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 577 shares during the last quarter. Allworth Financial LP lifted its stake in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Summit Securities Group LLC lifted its stake in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Nextracker during the first quarter worth $40,000. Finally, Sterling Capital Management LLC lifted its stake in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after purchasing an additional 1,055 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NXT shares. Wells Fargo & Company upped their price objective on shares of Nextracker from $69.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, May 19th. Piper Sandler reissued an “overweight” rating on shares of Nextracker in a research report on Thursday, May 15th. Robert W. Baird dropped their target price on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Wall Street Zen raised shares of Nextracker from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Royal Bank of Canada initiated coverage on shares of Nextracker in a research report on Monday, March 17th. They set an “outperform” rating and a $55.00 target price for the company. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.33.

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.