Nextracker (NASDAQ:NXT) Given New $68.00 Price Target at The Goldman Sachs Group

Nextracker (NASDAQ:NXT) had its price objective upped by The Goldman Sachs Group from $61.00 to $68.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Truist Financial boosted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday. Bank of America boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday. UBS Group boosted their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Robert W. Baird decreased their price objective on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, Northland Securities reissued an “outperform” rating and set a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.60.

Nextracker Stock Up 11.9%

Shares of NASDAQ NXT opened at $61.59 on Thursday. The stock has a market cap 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 200 day moving average price of $41.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a 52-week low of $30.93 and a 52-week high of $63.19.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the sale, the president now owns 219,389 shares in the company, valued at $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer now directly owns 124,615 shares in the company, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several large investors have recently modified their holdings of the stock. Flputnam Investment Management Co. raised its position in shares of Nextracker by 2.4% in the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company’s stock valued at $363,000 after purchasing an additional 201 shares during the period. Shell Asset Management Co. raised its position in shares of Nextracker by 0.4% in the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company’s stock valued at $2,094,000 after purchasing an additional 228 shares during the period. Signaturefd LLC raised its position in shares of Nextracker by 10.2% in the first quarter. Signaturefd LLC now owns 2,583 shares of the company’s stock valued at $109,000 after purchasing an additional 239 shares during the period. Trust Investment Advisors raised its position in shares of Nextracker by 2.8% in the first quarter. Trust Investment Advisors now owns 9,609 shares of the company’s stock valued at $405,000 after purchasing an additional 258 shares during the period. Finally, Fifth Third Bancorp increased its position in Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after acquiring an additional 260 shares during the period. 67.41% of the stock is 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.