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

Nextracker Inc. (NASDAQ:NXT) was the recipient of unusually large options trading on Wednesday. Stock traders bought 6,818 call options on the stock. This represents an increase of approximately 92% compared to the average volume of 3,544 call options.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently made changes to their positions in NXT. Quarry LP boosted its holdings in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Nextracker by 83.2% during the 3rd 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 last quarter. Nisa Investment Advisors LLC raised its position in shares of Nextracker by 38.4% during the 4th 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 last quarter. Neo Ivy Capital Management acquired a new position in shares of Nextracker during the 3rd quarter worth about $74,000. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Nextracker during the 3rd quarter worth about $75,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $49.24 on Thursday. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $38.96 and a 200 day moving average of $38.93.

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

Analysts Set New Price Targets

Several analysts have commented on the company. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a research note on Wednesday. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and increased their target price for the company from $46.00 to $56.00 in a research note on Wednesday. Bank of America cut their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Northland Securities reiterated an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday. Finally, The Goldman Sachs Group increased their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.50.

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.