Brokerages Set Nextracker Inc. (NASDAQ:NXT) Target Price at $58.17

Shares of Nextracker Inc. (NASDAQ:NXT) have earned an average rating of “Moderate Buy” from the twenty-three analysts that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $58.17.

A number of research analysts recently weighed in on the stock. Roth Mkm raised their price target on shares of Nextracker from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Daiwa Capital Markets initiated coverage on Nextracker in a research report on Monday, April 1st. They set an “outperform” rating and a $63.00 price target for the company. Bank of America boosted their price objective on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Barclays cut Nextracker from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Finally, Citigroup lifted their price objective on shares of Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 31st.

Insider Buying and Selling at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the business. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Nextracker in the 1st quarter worth $25,000. Keybank National Association OH increased its holdings in shares of Nextracker by 7.1% in the third quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock worth $274,000 after buying an additional 455 shares during the period. Paradice Investment Management LLC lifted its stake in shares of Nextracker by 9.3% in the 1st quarter. Paradice Investment Management LLC now owns 5,682 shares of the company’s stock valued at $320,000 after acquiring an additional 482 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Nextracker by 3.4% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after acquiring an additional 541 shares during the period. Finally, Lindbrook Capital LLC bought a new position in Nextracker during the 1st quarter worth approximately $34,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Down 5.0 %

Shares of Nextracker stock opened at $43.73 on Friday. The company has a market cap of $5.97 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 0.40 and a beta of 2.42. Nextracker has a 52 week low of $32.14 and a 52 week high of $62.14. The business has a 50 day moving average price of $52.07 and a 200-day moving average price of $47.46.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.