Nextracker (NASDAQ:NXT) Reaches New 52-Week High Following Analyst Upgrade

Nextracker Inc. (NASDAQ:NXT)’s share price reached a new 52-week high during trading on Wednesday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $87.90 and last traded at $86.95, with a volume of 2291485 shares. The stock had previously closed at $86.96.

Other research analysts have also issued research reports about the company. Bank of America upped their price objective on Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Susquehanna upped their price objective on Nextracker from $76.00 to $100.00 and gave the stock a “positive” rating in a report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on Nextracker in a report on Tuesday, September 30th. They set a “buy” rating and a $88.00 price objective on the stock. TD Cowen upped their price objective on Nextracker from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, July 30th. Finally, Mizuho set a $66.00 price objective on Nextracker in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.35.

Insider Buying and Selling

In related news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, the chief financial officer directly owned 295,059 shares in the company, valued at approximately $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nextracker

Several large investors have recently added to or reduced their stakes in NXT. Primecap Management Co. CA raised its holdings in shares of Nextracker by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after purchasing an additional 83,227 shares during the period. Wellington Management Group LLP raised its holdings in shares of Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after buying an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC raised its holdings in shares of Nextracker by 11.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after buying an additional 289,663 shares during the period. Norges Bank purchased a new stake in shares of Nextracker during the 2nd quarter valued at about $140,772,000. Finally, Handelsbanken Fonder AB raised its holdings in shares of Nextracker by 8.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after buying an additional 176,530 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Performance

The firm has a market capitalization of $13.78 billion, a PE ratio of 25.37, a P/E/G ratio of 2.15 and a beta of 2.27. The firm has a fifty day moving average of $69.93 and a 200 day moving average of $58.91.

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.