Nextracker (NASDAQ:NXT) Price Target Raised to $88.00

Nextracker (NASDAQ:NXT) had its price objective boosted by TD Cowen from $65.00 to $88.00 in a research note issued to investors on Friday, Marketbeat reports. TD Cowen currently has a hold rating on the stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company raised 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. Roth Capital reaffirmed a “buy” rating and set a $100.00 price target (up from $80.00) on shares of Nextracker in a report on Tuesday, October 21st. Guggenheim set a $74.00 price target on Nextracker in a report on Wednesday. Cowen reaffirmed a “hold” rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Wall Street Zen raised Nextracker from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $88.05.

Nextracker Price Performance

NXT stock opened at $98.28 on Friday. The business has a fifty day moving average price of $74.72 and a 200 day moving average price of $61.62. Nextracker has a fifty-two week low of $31.18 and a fifty-two week high of $101.98. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of 25.53, a P/E/G ratio of 2.45 and a beta of 2.27.

Insider Transactions at Nextracker

In other news, Director William D. Watkins sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director directly owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 6,980 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,400 shares of company stock valued at $2,053,385 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Norges Bank bought a new position in Nextracker during the second quarter worth about $140,772,000. Wellington Management Group LLP lifted its holdings in Nextracker by 56.5% during the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock worth $220,722,000 after acquiring an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC lifted its holdings in Nextracker by 72.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company’s stock worth $110,833,000 after acquiring an additional 1,105,617 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Nextracker during the second quarter worth about $58,122,000. Finally, Nuveen LLC bought a new position in Nextracker during the first quarter worth about $40,356,000. 67.41% of the stock is currently owned by 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.