Nextracker Inc. (NASDAQ:NXT) Insider Sells $532,847.85 in Stock

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the sale, the insider now owns 17,387 shares in the company, valued at $763,463.17. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $56.77 on Friday. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.14. The business has a fifty day moving average price of $48.86 and a 200-day moving average price of $48.24. The company has a market capitalization of $7.75 billion, a PE ratio of 16.90 and a beta of 2.42.

Institutional Investors Weigh In On Nextracker

Large investors have recently bought and sold shares of the business. 1832 Asset Management L.P. grew its stake in shares of Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after purchasing an additional 275 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Nextracker in the 1st quarter worth approximately $25,000. Keybank National Association OH increased its stake in Nextracker by 7.1% in the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock worth $274,000 after acquiring an additional 455 shares during the last quarter. Paradice Investment Management LLC increased its stake in Nextracker by 9.3% in the 1st quarter. Paradice Investment Management LLC now owns 5,682 shares of the company’s stock worth $320,000 after acquiring an additional 482 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Nextracker by 3.4% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after purchasing an additional 541 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NXT shares. Guggenheim dropped their price target on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, April 23rd. Truist Financial reiterated a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Mizuho cut their price target on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Barclays downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. decreased their price target on Nextracker from $73.00 to $67.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $58.52.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.