Insider Selling: Nextracker Inc. (NASDAQ:NXT) President Sells 6,066 Shares of Stock

Nextracker Inc. (NASDAQ:NXT) President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Nextracker Stock Down 2.4 %

NXT traded down $1.08 during trading on Friday, reaching $44.19. 2,171,505 shares of the stock were exchanged, compared to its average volume of 2,608,653. The stock has a market cap of $6.43 billion, a P/E ratio of 11.02 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock’s 50 day moving average price is $38.31 and its two-hundred day moving average price is $39.36. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Analyst Ratings Changes

Several brokerages have commented on NXT. Guggenheim restated a “buy” rating and set a $55.00 target price on shares of Nextracker in a report on Friday, November 22nd. The Goldman Sachs Group dropped their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets lowered their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Finally, Northland Securities restated an “outperform” rating and issued a $48.00 price target on shares of Nextracker in a report on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.10.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Viking Fund Management LLC lifted its position in Nextracker by 60.0% during the fourth quarter. Viking Fund Management LLC now owns 32,000 shares of the company’s stock worth $1,169,000 after acquiring an additional 12,000 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the period. Fort Washington Investment Advisors Inc. OH acquired a new stake in Nextracker during the 4th quarter worth approximately $10,228,000. Clear Harbor Asset Management LLC boosted its stake in Nextracker by 0.7% in the 4th quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company’s stock valued at $5,598,000 after purchasing an additional 1,086 shares during the period. Finally, Trium Capital LLP grew its holdings in Nextracker by 18.8% in the 4th quarter. Trium Capital LLP now owns 7,666 shares of the company’s stock valued at $280,000 after buying an additional 1,213 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

About Nextracker

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.