Nextracker (NASDAQ:NXT) Price Target Raised to $50.00

Nextracker (NASDAQ:NXT) had its price target lifted by equities researchers at Piper Sandler from $47.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 4.40% from the stock’s previous close.

Several other research analysts have also recently issued reports on NXT. Susquehanna decreased their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. TD Cowen initiated coverage on shares of Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. BMO Capital Markets dropped their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $54.90.

Nextracker Trading Up 20.9 %

Shares of NASDAQ NXT opened at $47.89 on Wednesday. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market cap of $6.97 billion, a P/E ratio of 11.94 and a beta of 2.04. The firm has a 50-day moving average of $38.96 and a 200 day moving average of $38.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts expect that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’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 transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC boosted its stake in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Wellington Management Group LLP boosted its stake in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after purchasing an additional 688,810 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after purchasing an additional 315,199 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Nextracker by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after purchasing an additional 84,069 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.