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

Wall Street Zen downgraded shares of Nextracker (NASDAQ:NXT) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Other analysts have also recently issued research reports about the company. Barclays raised their price objective on Nextracker from $58.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. The Goldman Sachs Group raised their price objective on Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Fox Advisors cut Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday, May 15th. Wells Fargo & Company raised their price objective on Nextracker from $69.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, May 19th. Finally, Robert W. Baird lifted their price target on Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.05.

Nextracker Trading Up 1.4%

Shares of NASDAQ:NXT opened at $65.41 on Friday. The company has a market capitalization of $9.57 billion, a PE ratio of 18.85, a P/E/G ratio of 1.59 and a beta of 2.25. Nextracker has a 12-month low of $30.93 and a 12-month high of $67.87. The business’s fifty day simple moving average is $59.75 and its 200-day simple moving average is $49.71.

Insiders Place Their Bets

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares in the company, valued at $12,066,395. The trade was a 2.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the sale, the chief operating officer owned 175,216 shares of the company’s stock, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 210,476 shares of company stock worth $12,169,880 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextracker

Several large investors have recently bought and sold shares of NXT. Commonwealth Equity Services LLC increased its stake in Nextracker by 30.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company’s stock worth $388,000 after buying an additional 2,483 shares in the last quarter. Corient Private Wealth LLC acquired a new position in shares of Nextracker during the 4th quarter worth approximately $251,000. American Century Companies Inc. boosted its holdings in shares of Nextracker by 52.2% during the 4th quarter. American Century Companies Inc. now owns 76,414 shares of the company’s stock worth $2,791,000 after purchasing an additional 26,196 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Nextracker by 10.5% during the 4th quarter. Sei Investments Co. now owns 223,580 shares of the company’s stock worth $8,167,000 after purchasing an additional 21,188 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Nextracker during the 4th quarter worth approximately $1,037,000. 67.41% of the stock is currently 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.