Nextracker Inc. (NASDAQ:NXT) Given Consensus Rating of “Moderate Buy” by Analysts

Nextracker Inc. (NASDAQ:NXT) has received an average recommendation of “Moderate Buy” from the twenty-four brokerages that are currently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $60.33.

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Nextracker from $69.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, May 19th. Bank of America lifted their price target on Nextracker from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Roth Capital reaffirmed a “buy” rating and issued a $70.00 price target (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. TD Cowen boosted their target price on Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, May 15th. Finally, Truist Financial boosted their target price on Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th.

Insider Buying and Selling

In related news, COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total value of $4,162,019.10. Following the completion of the sale, 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 SEC, which can be accessed 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 now directly owns 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. In the last ninety days, insiders sold 199,672 shares of company stock valued at $11,510,536. 0.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Strs Ohio purchased a new stake in Nextracker during the 1st quarter valued at approximately $683,000. Foresight Group Ltd Liability Partnership purchased a new stake in Nextracker during the 1st quarter valued at approximately $12,624,000. Villanova Investment Management Co LLC purchased a new stake in Nextracker during the 1st quarter valued at approximately $477,000. Intech Investment Management LLC grew its holdings in Nextracker by 19.8% during the 1st quarter. Intech Investment Management LLC now owns 90,394 shares of the company’s stock valued at $3,809,000 after buying an additional 14,951 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Nextracker by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after buying an additional 71,842 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Price Performance

NXT opened at $60.71 on Friday. The stock has a 50-day moving average price of $49.25 and a 200-day moving average price of $44.62. 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 firm has a market cap of $8.88 billion, a PE ratio of 15.45 and a beta of 2.39. Nextracker has a 1 year low of $30.93 and a 1 year high of $63.19.

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.