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 business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president now directly owns 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Nextracker Stock Performance

NASDAQ:NXT opened at $61.59 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.97 billion, a P/E ratio of 15.67 and a beta of 2.03. The firm has a 50-day moving average price of $43.15 and a two-hundred day moving average price of $41.83. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $63.19.

Institutional Trading of Nextracker

Several large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. lifted its stake in Nextracker by 703.7% in the 1st 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 in the last quarter. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Summit Securities Group LLC lifted its position in shares of Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after acquiring an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Nextracker during the 1st quarter worth about $40,000. Finally, Sterling Capital Management LLC raised its stake in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NXT shares. TD Cowen lifted their target price on shares of Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a report on Thursday. The Goldman Sachs Group raised their price objective on shares of Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group boosted their target price on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. BMO Capital Markets raised their price target on Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a report on Thursday. Finally, Roth Capital restated a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Nextracker in a research note on Thursday. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.60.

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.