Nextracker Inc. (NASDAQ:NXT) CAO David P. Bennett Sells 9,801 Shares

Nextracker Inc. (NASDAQ:NXT) CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred 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 owns 124,615 shares in the company, valued at $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $59.31 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 15.09 and a beta of 2.03. The business has a 50-day simple moving average of $43.44 and a two-hundred day simple moving average of $42.08. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of research reports. Bank of America boosted 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. Guggenheim lowered shares of Nextracker from a “buy” rating to a “neutral” rating in a research note on Wednesday. BMO Capital Markets upped their price objective on shares of Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a report on Thursday. The Goldman Sachs Group lifted their target price on shares of Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a report on Thursday. Finally, Roth Capital restated a “buy” rating and issued a $70.00 price target (up previously from $55.00) on shares of Nextracker in a research note on Thursday. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.90.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NXT. IFP Advisors Inc grew its position in Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after purchasing an additional 2,768 shares during the period. Robeco Schweiz AG bought a new stake in shares of Nextracker in the fourth quarter worth $22,112,000. New York State Common Retirement Fund increased its position in Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after acquiring an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after acquiring an additional 161,873 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in Nextracker by 115.1% in the fourth quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock valued at $482,000 after acquiring an additional 7,056 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.