Charles Boynton Sells 4,500 Shares of Nextracker (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT) CFO Charles Boynton sold 4,500 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares in the company, valued at approximately $19,830,915.39. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Nextracker Stock Down 1.2%

NXT stock opened at $66.85 on Wednesday. The stock has a market capitalization of $9.89 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 1.57 and a beta of 2.26. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $71.44. The firm has a 50 day moving average of $63.04 and a 200 day moving average of $54.13.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in NXT. Primecap Management Co. CA grew its position in Nextracker by 1.1% during the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after buying an additional 83,227 shares during the period. Wellington Management Group LLP grew its position in shares of Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after acquiring an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC increased its stake in shares of Nextracker by 11.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Norges Bank acquired a new position in Nextracker in the 2nd quarter worth about $140,772,000. Finally, Handelsbanken Fonder AB boosted its position in Nextracker by 8.3% during the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock worth $125,225,000 after purchasing an additional 176,530 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

NXT has been the topic of several research reports. TD Cowen upped their target price on Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Roth Capital reiterated a “buy” rating and set a $80.00 price target (up previously from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Mizuho set a $66.00 price objective on Nextracker in a research note on Wednesday, July 30th. Northland Capmk lowered Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Guggenheim raised shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 price target for the company in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

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.