Insider Selling: Nextracker Inc. (NASDAQ:NXT) President Sells 6,066 Shares of Stock

Nextracker Inc. (NASDAQ:NXT) President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Nextracker Trading Down 2.4 %

Shares of NXT stock traded down $1.08 during trading hours on Friday, reaching $44.19. The company had a trading volume of 2,171,505 shares, compared to its average volume of 2,608,653. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm 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 50 day moving average of $38.31 and a 200 day moving average of $39.36.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Bank of America lowered their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. dropped their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Wells Fargo & Company reduced their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Truist Financial raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Susquehanna reduced their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.10.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its position in shares of Nextracker by 15.8% during the 3rd 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 period. Geode Capital Management LLC boosted its stake in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Wellington Management Group LLP grew its holdings in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the period. Victory Capital Management Inc. increased its stake in Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Nextracker by 35.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares during the period. Institutional investors own 67.41% of the company’s stock.

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.