Nextracker Target of Unusually High Options Trading (NASDAQ:NXT)

Nextracker Inc. (NASDAQ:NXT) was the target of unusually large options trading activity on Wednesday. Investors purchased 6,818 call options on the company. This represents an increase of approximately 92% compared to the typical volume of 3,544 call options.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP boosted its stake in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Nextracker by 83.2% during 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 during the period. Nisa Investment Advisors LLC raised its holdings in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Nextracker during the third quarter worth $74,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Nextracker during the third quarter worth $75,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on NXT. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday. Truist Financial reissued a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $56.00 in a research report on Wednesday. Susquehanna raised their price target on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday. Finally, Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Price Performance

Nextracker stock opened at $49.24 on Thursday. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a fifty day moving average of $38.96 and a 200-day moving average of $38.93. The firm has a market capitalization of $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. As a group, analysts predict that Nextracker will post 2.7 EPS for the current year.

Nextracker Company Profile

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.