Investors Purchase High Volume of Call Options on Nextracker (NASDAQ:NXT)

Nextracker Inc. (NASDAQ:NXT) was the target of some unusual options trading on Wednesday. Investors purchased 6,818 call options on the stock. This is an increase of approximately 92% compared to the typical volume of 3,544 call options.

Nextracker Stock Up 21.4 %

NXT traded up $8.49 on Wednesday, hitting $48.11. The company had a trading volume of 5,268,759 shares, compared to its average volume of 3,021,534. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The stock has a fifty day simple moving average of $38.96 and a 200-day simple moving average of $38.93. 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 capitalization of $7.00 billion, a P/E ratio of 12.03 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. As a group, equities analysts expect that Nextracker will post 2.7 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on NXT. Piper Sandler increased their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial reissued a “buy” rating and issued a $56.00 target price (up previously from $54.00) on shares of Nextracker in a report on Wednesday. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Robert W. Baird decreased their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.59.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of institutional investors have recently made changes to their positions in the stock. Quarry LP increased its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after buying an additional 549 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the period. Neo Ivy Capital Management bought a new position in Nextracker in the 3rd quarter worth $74,000. Finally, Arcadia Investment Management Corp MI purchased a new position in Nextracker during the third quarter valued at $75,000. Hedge funds and other institutional investors 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.