Nextracker (NASDAQ:NXT) Price Target Raised to $68.00

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

Several other research firms have also commented on NXT. Bank of America raised their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday. TD Cowen raised 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. Robert W. Baird decreased their target price on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. raised their target price on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Guggenheim lowered shares of Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Nextracker Price Performance

NASDAQ:NXT opened at $61.59 on Thursday. 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. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 15.67 and a beta of 2.03. The firm’s 50-day simple moving average is $43.15 and its 200 day simple moving average is $41.83.

Insider Buying and Selling

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

Institutional Trading of Nextracker

A number of institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC boosted its position in Nextracker by 91.1% during the first quarter. AQR Capital Management LLC now owns 255,869 shares of the company’s stock valued at $10,598,000 after acquiring an additional 122,002 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Nextracker by 47.9% during the first quarter. Advisors Asset Management Inc. now owns 6,926 shares of the company’s stock valued at $292,000 after acquiring an additional 2,243 shares during the last quarter. Amundi boosted its position in Nextracker by 61.1% during the first quarter. Amundi now owns 947,470 shares of the company’s stock valued at $38,920,000 after acquiring an additional 359,223 shares during the last quarter. Flputnam Investment Management Co. boosted its position in Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company’s stock valued at $363,000 after acquiring an additional 201 shares during the last quarter. Finally, Graham Capital Management L.P. boosted its position in Nextracker by 265.1% during the first quarter. Graham Capital Management L.P. now owns 22,981 shares of the company’s stock valued at $968,000 after acquiring an additional 16,686 shares during 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.