Nextracker Inc. (NASDAQ:NXT) CAO Sells $489,069.90 in Stock

Nextracker Inc. (NASDAQ:NXT) CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $50.42 on Friday. The stock has a market cap of $7.34 billion, a P/E ratio of 12.83 and a beta of 2.04. The firm’s 50-day simple moving average is $39.46 and its 200 day simple moving average is $39.08. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 43.83%. Equities analysts expect that Nextracker Inc. will post 2.67 EPS for the current year.

Analyst Ratings Changes

A number of research firms have commented on NXT. Wells Fargo & Company reduced their price objective on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $47.00 to $60.00 in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday. Citigroup cut their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $56.00 in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average target price of $56.50.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently added to or reduced their stakes in the company. Holocene Advisors LP bought a new stake in shares of Nextracker in the 3rd quarter worth $45,416,000. Erste Asset Management GmbH acquired a new position in Nextracker during the third quarter worth about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after acquiring an additional 745,665 shares in the last quarter. State Street Corp lifted its holdings in Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Nextracker by 25.5% during the 3rd 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 in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.