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

Nextracker Inc. (NASDAQ:NXT) CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were 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 directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Nextracker Stock Performance

Nextracker stock opened at $50.42 on Friday. The stock has a fifty day moving average price of $39.46 and a 200 day moving average price of $39.08. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a market capitalization of $7.34 billion, a P/E ratio of 12.83 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 43.83%. Equities research analysts anticipate that Nextracker Inc. will post 2.67 earnings per share for the current year.

Analyst Ratings Changes

NXT has been the topic of a number of analyst reports. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $56.00 in a research report on Wednesday. BMO Capital Markets boosted their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Piper Sandler boosted their target price on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, UBS Group raised their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the period. Secure Asset Management LLC purchased a new stake in Nextracker during the third quarter valued at about $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Van ECK Associates Corp raised its holdings in shares of Nextracker by 30.7% in the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares during the period. Finally, Nordea Investment Management AB purchased a new stake in shares of Nextracker during the 4th quarter worth about $5,734,000. Hedge funds and other 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.