Nextracker (NASDAQ:NXT) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Nextracker (NASDAQ:NXT) from a hold rating to a buy rating in a report released on Thursday morning.

A number of other research firms have also recently commented on NXT. Susquehanna lifted their price target on shares of Nextracker from $54.00 to $66.00 and gave the stock a “positive” rating in a research note on Thursday, May 15th. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price target (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Guggenheim cut shares of Nextracker from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 14th. UBS Group lifted their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, Mizuho set a $60.00 price target on shares of Nextracker in a research note on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $60.00.

Nextracker Price Performance

NXT stock opened at $56.05 on Thursday. Nextracker has a 12 month low of $30.93 and a 12 month high of $63.19. 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 company has a 50-day moving average price of $44.47 and a 200 day moving average price of $42.55. The stock has a market cap of $8.16 billion, a PE ratio of 14.26 and a beta of 2.03.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at $6,853,825. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 27,453 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 120,972 shares in the company, valued at $7,278,885.24. This trade represents a 18.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,320 shares of company stock valued at $2,524,532. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several large investors have recently made changes to their positions in the business. Flputnam Investment Management Co. boosted its holdings in shares of Nextracker by 2.4% in the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company’s stock valued at $363,000 after acquiring an additional 201 shares during the last quarter. Shell Asset Management Co. boosted its holdings in shares of Nextracker by 0.4% in the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company’s stock valued at $2,094,000 after acquiring an additional 228 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company’s stock valued at $109,000 after purchasing an additional 239 shares during the period. Trust Investment Advisors lifted its stake in shares of Nextracker by 2.8% in the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company’s stock valued at $405,000 after purchasing an additional 258 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after purchasing an additional 260 shares during the period. 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.