Nextracker (NASDAQ:NXT) Price Target Raised to $89.00

Nextracker (NASDAQ:NXT) had its target price raised by The Goldman Sachs Group from $79.00 to $89.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft initiated coverage on Nextracker in a report on Tuesday, September 30th. They issued a “buy” rating and a $88.00 price target on the stock. Bank of America upped their price target on Nextracker from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Northland Securities reaffirmed a “market perform” rating on shares of Nextracker in a report on Wednesday, July 30th. Roth Capital reaffirmed a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Finally, Wells Fargo & Company upped their price target on Nextracker from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $69.15.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $82.80 on Wednesday. The stock has a market cap of $12.25 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 2.61 and a beta of 2.27. Nextracker has a 12 month low of $30.93 and a 12 month high of $86.39. The stock’s 50 day moving average price is $67.93 and its 200 day moving average price is $57.96.

Insider Activity

In other news, CFO Charles D. Boynton sold 4,500 shares of the business’s stock in a transaction on 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 directly owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction on 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 approximately $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

Several institutional investors and hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA grew its holdings in shares of 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 acquiring an additional 83,227 shares in the last quarter. Wellington Management Group LLP grew its holdings 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 in the last quarter. Encompass Capital Advisors LLC grew its holdings in shares of 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 acquiring an additional 289,663 shares in the last quarter. Norges Bank purchased a new position in shares of Nextracker during the 2nd quarter valued at $140,772,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of 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 acquiring an additional 176,530 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.