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

Nextracker Inc. (NASDAQ:NXT) was the target of some unusual options trading activity on Monday. Stock investors purchased 8,097 call options on the company. This represents an increase of approximately 134% compared to the average volume of 3,461 call options.

Hedge Funds Weigh In On Nextracker

Several institutional investors have recently bought and sold shares of the company. 1832 Asset Management L.P. raised its stake in Nextracker by 0.3% in the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after buying an additional 275 shares in the last quarter. GAMMA Investing LLC grew its holdings in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares during the period. Hilltop National Bank increased its holdings in shares of Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System increased its holdings in Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares in the last quarter. Finally, Wedbush Securities Inc. raised its holdings in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after purchasing an additional 461 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Trading Up 5.1 %

Shares of NASDAQ NXT opened at $44.09 on Wednesday. The stock has a fifty day simple moving average of $36.15 and a 200-day simple moving average of $43.58. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $6.41 billion, a PE ratio of 11.00 and a beta of 2.32.

Wall Street Analyst Weigh In

NXT has been the topic of several research analyst reports. BMO Capital Markets dropped their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Robert W. Baird cut their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Susquehanna reduced their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Roth Mkm reduced their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Bank of America increased their price objective on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.65.

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.