Bruce Ledesma Sells 3,017 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 3,017 shares of Nextracker stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.95, for a total transaction of $168,801.15. Following the transaction, the insider now directly owns 110,564 shares of the company’s stock, valued at approximately $6,186,055.80. This trade represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Bruce Ledesma also recently made the following trade(s):

• On Friday, May 16th, Bruce Ledesma sold 27,453 shares of Nextracker stock. The stock was sold at an average price of $60.17, for a total transaction of $1,651,847.01.

Nextracker Price Performance

NXT stock opened at $56.05 on Friday. The company has a market cap of $8.16 billion, a PE ratio of 14.26 and a beta of 2.03. The business has a 50-day simple moving average of $44.70 and a 200 day simple moving average of $42.64. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $63.19. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Bank of America lifted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Royal Bank of Canada assumed coverage on shares of Nextracker in a research report on Monday, March 17th. They set an “outperform” rating and a $55.00 price objective for the company. TD Cowen lifted their price objective on shares of Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, May 15th. Fox Advisors cut shares of Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday, May 15th. Finally, BMO Capital Markets lifted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. raised its stake in Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Allworth Financial LP raised its stake in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Summit Securities Group LLC raised its stake in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Nextracker during the first quarter worth about $40,000. Finally, Sterling Capital Management LLC raised its stake in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Institutional investors and hedge funds 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.