Nextracker (NASDAQ:NXT) Price Target Raised to $50.00 at BMO Capital Markets

Nextracker (NASDAQ:NXT) had its price target increased by stock analysts at BMO Capital Markets from $48.00 to $50.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ target price suggests a potential upside of 4.78% from the stock’s previous close.

NXT has been the topic of several other research reports. Truist Financial reiterated a “buy” rating and issued a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a research note on Wednesday. Guggenheim lifted their price objective on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup cut their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Wells Fargo & Company cut their price objective on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Stock Up 20.4 %

Shares of NASDAQ NXT traded up $8.10 during trading on Wednesday, reaching $47.72. 7,246,490 shares of the stock were exchanged, compared to its average volume of 3,126,971. Nextracker has a twelve month low of $30.93 and a twelve month 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 company has a market capitalization of $6.95 billion, a price-to-earnings ratio of 11.89 and a beta of 2.04. The business’s 50-day moving average price is $38.96 and its 200 day moving average price is $38.93.

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

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated 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 sale, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of NXT. Renaissance Capital LLC lifted its position in shares of Nextracker by 3.5% during the 4th quarter. Renaissance Capital LLC now owns 159,779 shares of the company’s stock valued at $5,837,000 after acquiring an additional 5,390 shares during the period. North Point Portfolio Managers Corp OH raised its holdings in shares of Nextracker by 56.7% in the fourth quarter. North Point Portfolio Managers Corp OH now owns 168,526 shares of the company’s stock valued at $6,156,000 after purchasing an additional 60,970 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of Nextracker during the 4th quarter valued at $177,000. Secure Asset Management LLC lifted its stake in Nextracker by 14.8% in the fourth quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock valued at $1,532,000 after purchasing an additional 5,408 shares during the last quarter. Finally, Whalen Wealth Management Inc. bought a new position in Nextracker during the fourth quarter worth about $450,000. Institutional investors own 67.41% of the company’s stock.

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.