Nextracker Inc. (NASDAQ:NXT) President Howard Wenger Sells 6,066 Shares

Nextracker Inc. (NASDAQ:NXT) President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Nextracker Stock Down 2.4 %

NASDAQ:NXT opened at $44.19 on Friday. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 11.02 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock’s fifty day moving average price is $38.47 and its two-hundred day moving average price is $39.39. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

Hedge Funds Weigh In On Nextracker

Several large investors have recently made changes to their positions in NXT. Holocene Advisors LP acquired a new stake in Nextracker in the third quarter worth about $45,416,000. Erste Asset Management GmbH acquired a new stake in shares of Nextracker during the 3rd quarter worth approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Nextracker by 88.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after buying an additional 745,665 shares during the period. State Street Corp raised its stake in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after buying an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of recent research reports. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Barclays decreased their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group decreased their price objective on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Finally, Truist Financial increased their target price on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average price target of $53.10.

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.