JPMorgan Chase & Co. Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its target price boosted by JPMorgan Chase & Co. from $77.00 to $92.00 in a research report report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities analysts have also recently commented on NXT. Susquehanna lifted their target price on shares of Nextracker from $76.00 to $100.00 and gave the stock a “positive” rating in a research report on Monday. Northland Capmk cut shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Cowen restated a “hold” rating on shares of Nextracker in a research note on Wednesday, July 30th. Barclays restated an “overweight” rating and set a $92.00 price target on shares of Nextracker in a research note on Thursday, October 2nd. Finally, UBS Group raised their price target on shares of Nextracker from $71.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $71.10.

Nextracker Stock Down 5.9%

Nextracker stock opened at $87.58 on Thursday. Nextracker has a 52 week low of $30.93 and a 52 week high of $93.90. The company’s 50 day moving average price is $70.57 and its two-hundred day moving average price is $59.22. The stock has a market cap of $12.96 billion, a P/E ratio of 23.86, a P/E/G ratio of 2.31 and a beta of 2.27.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares of the company’s stock, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,400 shares of company stock valued at $2,053,385 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NXT. Norges Bank purchased a new position in Nextracker in the 2nd quarter valued at approximately $140,772,000. Wellington Management Group LLP boosted its holdings in Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after purchasing an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC boosted its holdings in Nextracker by 72.5% in the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company’s stock valued at $110,833,000 after purchasing an additional 1,105,617 shares during the period. Wedge Capital Management L L P NC bought a new position in Nextracker in the 2nd quarter valued at $58,122,000. Finally, Nuveen LLC bought a new position in Nextracker in the 1st quarter valued at $40,356,000. 67.41% of the stock is currently owned by hedge funds and other 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.