Nextracker (NASDAQ:NXT) Trading Up 4.3%

Nextracker Inc. (NASDAQ:NXT) shares rose 4.3% on Tuesday . The stock traded as high as $46.33 and last traded at $46.33. Approximately 855,740 shares traded hands during trading, a decline of 79% from the average daily volume of 4,121,460 shares. The stock had previously closed at $44.40.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of recent analyst reports. Northland Securities lowered shares of Nextracker from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $60.00 to $44.00 in a research report on Friday, April 26th. Daiwa Capital Markets initiated coverage on shares of Nextracker in a research report on Monday, April 1st. They issued an “outperform” rating and a $63.00 price target on the stock. Cantor Fitzgerald lifted their price target on shares of Nextracker from $52.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. BMO Capital Markets dropped their price target on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company dropped their price target on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 15th. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.52.

Nextracker Price Performance

The stock’s 50 day simple moving average is $49.07 and its two-hundred day simple moving average is $48.08. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of 15.90 and a beta of 2.42.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock worth $1,084,460 over the last 90 days. Corporate insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after buying an additional 7,821,368 shares during the last quarter. Norges Bank bought a new position in shares of Nextracker in the fourth quarter valued at about $120,861,000. Assenagon Asset Management S.A. raised its holdings in shares of Nextracker by 21,759.3% in the first quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock valued at $89,287,000 after buying an additional 1,579,507 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Nextracker by 2,652.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after buying an additional 958,838 shares during the last quarter. Finally, Earnest Partners LLC bought a new position in shares of Nextracker in the first quarter valued at about $46,593,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.