Traders Purchase Large Volume of Call Options on Nextracker (NASDAQ:NXT)

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

Hedge Funds Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the period. TFC Financial Management Inc. purchased a new stake in shares of Nextracker in the second quarter worth about $32,000. Fifth Third Bancorp grew its stake in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after buying an additional 641 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of Nextracker during the 2nd quarter valued at about $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in Nextracker during the 1st quarter worth approximately $44,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company dropped their price target on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Guggenheim cut their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Susquehanna reduced their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Jefferies Financial Group started coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Finally, Roth Mkm reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.65.

Nextracker Trading Up 5.1 %

NASDAQ NXT opened at $44.09 on Wednesday. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 11.00 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a one year low of $30.93 and a one year high of $62.31. The company’s 50 day moving average price is $36.15 and its 200 day moving average price is $43.58.

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.