Nextracker Inc. (NASDAQ:NXT) CAO David P. Bennett Sells 9,801 Shares

Nextracker Inc. (NASDAQ:NXT) CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Nextracker Trading Down 0.4 %

Shares of NXT traded down $0.21 during trading hours on Friday, reaching $50.42. 2,389,629 shares of the company traded hands, compared to its average volume of 3,409,160. The firm has a market cap of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04. 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 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average price is $39.46 and its 200 day moving average price is $39.08.

Nextracker (NASDAQ:NXT) last announced its 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%. Sell-side analysts forecast that Nextracker Inc. will post 2.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $47.00 to $60.00 in a research note on Wednesday. Citigroup decreased their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Truist Financial reiterated a “buy” rating and set a $56.00 price objective (up from $54.00) on shares of Nextracker in a research report on Wednesday. Finally, BMO Capital Markets increased their price objective on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday. Three research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of NXT. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares in the last quarter. Quarry LP increased its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Nextracker by 83.2% in the 3rd 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. Principal Securities Inc. raised its holdings in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after buying an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in Nextracker by 38.4% in 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 in the last quarter. 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.