Nextracker (NASDAQ:NXT) President Sells $391,275.00 in Stock

Nextracker Inc. (NASDAQ:NXT) President Howard Wenger sold 5,217 shares of Nextracker stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president directly owned 409,039 shares in the company, valued at $30,677,925. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Howard Wenger also recently made the following trade(s):

• On Tuesday, August 19th, Howard Wenger sold 5,703 shares of Nextracker stock. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00.
• On Thursday, July 3rd, Howard Wenger sold 5,216 shares of Nextracker stock. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00.

Nextracker Price Performance

Nextracker stock opened at $79.36 on Friday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $79.49. The company has a market capitalization of $11.74 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 2.38 and a beta of 2.27. The firm’s fifty day moving average price is $65.74 and its 200 day moving average price is $56.52.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NXT. Wall Street Zen raised shares of Nextracker from a “buy” rating to a “strong-buy” rating in a report on Sunday, September 28th. Northland Capmk lowered shares of Nextracker from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Wells Fargo & Company raised their price objective on shares of Nextracker from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Bank of America raised their price objective on shares of Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Finally, Zacks Research raised shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $68.10.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Primecap Management Co. CA boosted its stake in Nextracker by 1.1% during the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after purchasing an additional 83,227 shares during the period. Wellington Management Group LLP boosted its stake in 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 purchasing an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC boosted its stake in Nextracker by 11.0% during 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 during the period. Norges Bank acquired a new position in Nextracker during the 2nd quarter valued at about $140,772,000. Finally, Handelsbanken Fonder AB boosted its stake in Nextracker by 8.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after purchasing an additional 176,530 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

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.