Nextracker Inc.’s (NASDAQ:NXT) Lock-Up Period Set To End on August 8th

Posted by Defense World Staff on Aug 1st, 2023

Nextracker’s (NASDAQ:NXT – Get Free Report) lock-up period will end on Tuesday, August 8th. Nextracker had issued 26,600,000 shares in its initial public offering on February 9th. The total size of the offering was $638,400,000 based on an initial share price of $24.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BNP Paribas upgraded Nextracker from a “neutral” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Tuesday, May 16th. Bank of America boosted their target price on Nextracker from $40.00 to $42.00 in a research report on Friday, May 12th. Northland Securities boosted their target price on Nextracker from $32.00 to $35.00 in a research report on Friday, May 12th. Truist Financial boosted their target price on Nextracker from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Finally, HSBC started coverage on Nextracker in a research report on Friday, July 14th. They issued a “buy” rating and a $46.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus price target of $44.38.

Nextracker Stock Down 0.9 %

Shares of NXT opened at $42.35 on Tuesday. The stock’s 50-day moving average price is $39.60. Nextracker has a one year low of $28.24 and a one year high of $46.55.

Nextracker (NASDAQ:NXT – Get Free Report) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $479.50 million during the quarter, compared to analyst estimates of $473.69 million. Nextracker’s revenue was up 18.9% on a year-over-year basis. As a group, equities research analysts expect that Nextracker will post 1.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Tpg Gp A, Llc sold 2,518,438 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $35.31, for a total value of $88,926,045.78. Following the completion of the sale, the insider now directly owns 12,760,752 shares in the company, valued at $450,582,153.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NXT. BlackRock Inc. purchased a new stake in shares of Nextracker during the first quarter worth $154,708,000. Victory Capital Management Inc. increased its position in shares of Nextracker by 116.8% during the second quarter. Victory Capital Management Inc. now owns 1,199,465 shares of the company’s stock worth $47,751,000 after acquiring an additional 646,265 shares during the period. Handelsbanken Fonder AB purchased a new stake in shares of Nextracker during the first quarter worth $42,765,000. JPMorgan Chase & Co. purchased a new position in Nextracker in the first quarter valued at $42,403,000. Finally, Franklin Resources Inc. purchased a new position in Nextracker in the first quarter valued at $29,912,000.

Nextracker Company Profile

(Get Free Report)

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.