Insider Selling: Nextracker Inc. (NASDAQ:NXT) President Sells 6,066 Shares of Stock

Nextracker Inc. (NASDAQ:NXT) President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Nextracker Stock Performance

Shares of NXT opened at $44.19 on Monday. 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’s 50 day moving average is $38.47 and its 200-day moving average is $39.29. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The stock has a market capitalization of $6.43 billion, a P/E ratio of 11.02 and a beta of 2.04.

Institutional Investors Weigh In On Nextracker

Large investors have recently made changes to their positions in the company. Quarry LP grew its holdings in shares of 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 buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in 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 in the last quarter. HighTower Advisors LLC increased its holdings in shares of Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares during the period. GAMMA Investing LLC lifted its position 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 purchasing an additional 549 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Nextracker by 37.8% during the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after purchasing an additional 560 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on NXT shares. Citigroup decreased their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. The Goldman Sachs Group reduced their price target on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Piper Sandler lowered their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Truist Financial upped their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, BMO Capital Markets lowered their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.10.

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.