Nextracker Inc. (NASDAQ:NXT) Insider Bruce Ledesma Sells 9,891 Shares

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Nextracker Trading Down 1.8 %

Shares of NXT stock opened at $45.12 on Wednesday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $40.65 and its 200-day moving average price is $39.00. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 11.48 and a beta of 2.14.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Equities research analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Several large investors have recently added to or reduced their stakes in NXT. Truist Financial Corp increased its stake in Nextracker by 67.1% during the second quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock worth $526,000 after acquiring an additional 4,507 shares during the last quarter. Cetera Investment Advisers increased its stake in Nextracker by 48.5% during the second quarter. Cetera Investment Advisers now owns 24,235 shares of the company’s stock worth $1,136,000 after acquiring an additional 7,910 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Nextracker during the second quarter worth approximately $384,000. GAMMA Investing LLC increased its stake in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the last quarter. Finally, Gateway Investment Advisers LLC increased its stake in Nextracker by 12.8% during the third quarter. Gateway Investment Advisers LLC now owns 8,618 shares of the company’s stock worth $323,000 after acquiring an additional 976 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NXT shares. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and set a $56.00 target price (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Bank of America lowered their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Northland Securities reiterated an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

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.