Bruce Ledesma Sells 27,453 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 27,453 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the transaction, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. This represents a 18.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Nextracker Stock Down 3.7%

Shares of Nextracker stock opened at $59.31 on Friday. The business has a 50-day moving average of $43.44 and a 200-day moving average of $42.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a market capitalization of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $63.19.

Analysts Set New Price Targets

Several research analysts recently weighed in on NXT shares. Robert W. Baird cut their target price on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Fox Advisors lowered Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday. Susquehanna increased their target price on Nextracker from $54.00 to $66.00 and gave the stock a “positive” rating in a research report on Thursday. The Goldman Sachs Group increased their target price on Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Northland Securities reaffirmed an “outperform” rating and issued a $55.00 target price (up 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 given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average price target of $59.90.

Institutional Trading of Nextracker

Several large investors have recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. grew its stake in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after acquiring an additional 577 shares in the last quarter. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% during 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 grew its stake in shares of Nextracker by 796.0% during 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 acquired a new position in Nextracker in the first quarter worth about $40,000. Finally, Sterling Capital Management LLC grew its stake in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after purchasing an additional 1,055 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.