Nextracker Inc. (NASDAQ:NXT) Insider Bruce Ledesma Sells 6,980 Shares of Stock

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 6,980 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider directly owned 195,790 shares of the company’s stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Bruce Ledesma also recently made the following trade(s):

• On Thursday, May 29th, Bruce Ledesma sold 83,561 shares of Nextracker stock. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31.
• On Friday, May 23rd, Bruce Ledesma sold 3,017 shares of Nextracker stock. The shares were sold at an average price of $55.95, for a total value of $168,801.15.
• On Friday, May 16th, Bruce Ledesma sold 27,453 shares of Nextracker stock. The shares were sold at an average price of $60.17, for a total value of $1,651,847.01.

Nextracker Price Performance

NASDAQ NXT opened at $53.80 on Tuesday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The company has a market capitalization of $7.96 billion, a P/E ratio of 14.66, a PEG ratio of 1.30 and a beta of 2.25. The business has a 50 day moving average price of $59.89 and a 200 day moving average price of $50.73.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after buying an additional 577 shares in the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Nextracker by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after buying an additional 324 shares in the last quarter. Summit Securities Group LLC boosted its position 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 buying an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Nextracker in the 1st quarter worth about $40,000. Finally, Hantz Financial Services Inc. boosted its position in shares of Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after buying an additional 782 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NXT has been the subject of several research reports. Truist Financial boosted their target price on Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Roth Capital restated a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Bank of America boosted their price target on Nextracker from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Northland Securities restated a “market perform” rating on shares of Nextracker in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company boosted their price target on Nextracker from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Nine research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus price target of $64.37.

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.