Nextracker (NASDAQ:NXT) Earns Neutral Rating from Mizuho

Nextracker (NASDAQ:NXT)‘s stock had its “neutral” rating restated by Mizuho in a research note issued to investors on Monday, MarketBeat.com reports. They currently have a $65.00 price objective on the stock, down from their prior price objective of $67.00. Mizuho’s price target suggests a potential upside of 5.35% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Piper Sandler restated an “overweight” rating on shares of Nextracker in a report on Thursday, May 15th. TD Cowen boosted their price objective on shares of Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Thursday, May 15th. Guggenheim downgraded shares of Nextracker from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 14th. Barclays boosted their price objective on shares of Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Finally, Roth Capital reissued a “buy” rating and set a $70.00 price objective (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.57.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $61.70 on Monday. Nextracker has a one year low of $30.93 and a one year high of $67.87. The firm’s 50 day simple moving average is $57.20 and its two-hundred day simple moving average is $47.98. The stock has a market capitalization of $9.02 billion, a P/E ratio of 17.78, a PEG ratio of 1.58 and a beta of 2.25.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 83,561 shares of the company’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the sale, the insider owned 195,790 shares of the company’s stock, valued at $10,907,460.90. This represents a 29.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the sale, the president directly owned 219,389 shares of the company’s stock, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock worth $12,169,880 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its stake in Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after acquiring an additional 577 shares in the last quarter. Summit Securities Group LLC lifted its position in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $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 valued at $40,000. Sterling Capital Management LLC lifted its holdings in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares during the last quarter. Finally, Virtus Fund Advisers LLC bought a new stake in shares of Nextracker in the 4th quarter worth about $47,000. 67.41% of the stock is owned by hedge funds and other 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.