Nextracker Inc. (NASDAQ:NXT) President Sells $333,630.00 in Stock

Nextracker Inc. (NASDAQ:NXT) President Howard Wenger sold 6,066 shares of the business’s stock in a transaction 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 now owns 219,389 shares of the company’s stock, valued at $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Nextracker Trading Down 3.7%

Shares of Nextracker stock opened at $59.31 on Friday. The firm has a market capitalization of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company’s fifty day moving average price is $43.44 and its two-hundred day moving average price is $42.08. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $63.19.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its holdings in Nextracker by 703.7% in 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 period. Allworth Financial LP grew its holdings in shares of Nextracker by 52.4% in the 4th 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 grew its holdings in shares of Nextracker by 796.0% in the 1st 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 stake in shares of Nextracker in the 1st quarter worth about $40,000. Finally, Fifth Third Bancorp grew its holdings in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after purchasing an additional 260 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NXT. Truist Financial boosted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday. Royal Bank of Canada initiated coverage on shares of Nextracker in a research note on Monday, March 17th. They issued an “outperform” rating and a $55.00 price objective for the company. Northland Securities reaffirmed an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. The Goldman Sachs Group boosted their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Barclays boosted their target price on shares of Nextracker from $58.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.90.

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.