Insider Selling: Nextracker Inc. (NASDAQ:NXT) Insider Sells 12,135 Shares of Stock

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 12,135 shares of the 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 transaction, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Nextracker Trading Up 13.6 %

Nextracker stock traded up $6.39 during mid-day trading on Wednesday, reaching $53.44. The company had a trading volume of 7,089,920 shares, compared to its average volume of 4,176,441. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.14. The company has a market cap of $7.30 billion, a P/E ratio of 14.98 and a beta of 2.42. The business has a fifty day simple moving average of $49.21 and a 200 day simple moving average of $48.04.

Hedge Funds Weigh In On Nextracker

Several large investors have recently modified their holdings of NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Nextracker during the first quarter valued at $25,000. Lindbrook Capital LLC bought a new position in shares of Nextracker during the first quarter valued at $34,000. Bruce G. Allen Investments LLC bought a new position in Nextracker during the first quarter worth $37,000. Toth Financial Advisory Corp bought a new position in Nextracker during the first quarter worth $38,000. Finally, Tucker Asset Management LLC bought a new position in Nextracker during the third quarter worth $42,000. Institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on NXT shares. Truist Financial restated a “buy” rating and set a $70.00 target price on shares of Nextracker in a research report on Wednesday, May 15th. Northland Securities lowered shares of Nextracker from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $60.00 to $44.00 in a research report on Friday, April 26th. Bank of America increased their price target on shares of Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Daiwa Capital Markets started coverage on shares of Nextracker in a research report on Monday, April 1st. They set an “outperform” rating and a $63.00 price target on the stock. Finally, The Goldman Sachs Group increased their price target on shares of Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price 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.