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

Nextracker Inc. (NASDAQ:NXT) has received a consensus recommendation of “Moderate Buy” from the twenty-six ratings firms that are presently covering the company, Marketbeat reports. Ten investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $69.15.

A number of equities analysts have issued reports on the stock. TD Cowen boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Bank of America boosted their price objective on shares of Nextracker from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Mizuho set a $66.00 price objective on shares of Nextracker in a research report on Wednesday, July 30th. Guggenheim upgraded shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 price objective on the stock in a research report on Monday, August 18th. Finally, Cowen restated a “hold” rating on shares of Nextracker in a research report on Wednesday, July 30th.

Insider Activity at Nextracker

In related news, 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 transaction of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock worth $2,053,385 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. increased its position in shares of Nextracker by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after buying an additional 324 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 577 shares during the period. Hantz Financial Services Inc. increased its position in shares of Nextracker by 1,737.8% during the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after buying an additional 782 shares during the period. MAI Capital Management boosted its stake in Nextracker by 309.4% during the second quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after acquiring an additional 628 shares in the last quarter. Finally, Summit Securities Group LLC boosted its stake in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after acquiring an additional 804 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Down 1.3%

Shares of NASDAQ:NXT opened at $82.80 on Friday. The stock has a market cap of $12.25 billion, a PE ratio of 22.56, a PEG ratio of 2.61 and a beta of 2.27. The company’s fifty day moving average is $67.93 and its 200 day moving average is $57.96. Nextracker has a 52 week low of $30.93 and a 52 week high of $86.39.

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.