Nextracker (NASDAQ:NXT) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Nextracker (NASDAQ:NXT) from a neutral rating to a buy rating in a research report released on Tuesday morning, Marketbeat.com reports. Citigroup currently has $114.00 price target on the stock, up from their previous price target of $66.00.

A number of other research firms have also recently weighed in on NXT. JPMorgan Chase & Co. upped their price objective on shares of Nextracker from $77.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Mizuho set a $76.00 price target on Nextracker in a research note on Monday. Deutsche Bank Aktiengesellschaft began coverage on Nextracker in a research note on Tuesday, September 30th. They set a “buy” rating and a $88.00 price objective for the company. UBS Group upped their target price on Nextracker from $71.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, TD Cowen raised their price target on shares of Nextracker from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $76.05.

Nextracker Trading Up 1.0%

Shares of NXT stock opened at $89.70 on Tuesday. The firm has a fifty day simple moving average of $72.59 and a 200-day simple moving average of $60.32. The company has a market capitalization of $13.27 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 2.21 and a beta of 2.27. Nextracker has a twelve month low of $30.93 and a twelve month high of $93.90.

Insider Transactions at Nextracker

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the sale, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Howard Wenger sold 5,217 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president directly owned 409,039 shares in the company, valued at $30,677,925. This trade represents a 1.26% 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. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of the business. Natural Investments LLC grew its stake in shares of Nextracker by 0.9% in the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock worth $1,239,000 after purchasing an additional 155 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Nextracker by 8.3% during the third quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock worth $191,000 after buying an additional 198 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Nextracker by 0.6% during the second quarter. State of Michigan Retirement System now owns 34,600 shares of the company’s stock worth $1,881,000 after buying an additional 200 shares in the last quarter. Flputnam Investment Management Co. grew its position in Nextracker by 2.4% in the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company’s stock worth $363,000 after buying an additional 201 shares during the last quarter. Finally, Redwood Investment Management LLC increased its holdings in shares of Nextracker by 4.1% in the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock valued at $281,000 after buying an additional 204 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.