Nextracker (NASDAQ:NXT) Price Target Raised to $54.00

Nextracker (NASDAQ:NXT) had its price objective increased by Susquehanna from $50.00 to $54.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Susquehanna currently has a positive rating on the stock.

A number of other equities analysts have also weighed in on the stock. Citigroup decreased their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Bank of America lowered their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price objective on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday. Robert W. Baird lowered their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Finally, Wells Fargo & Company reduced their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Stock Performance

Nextracker stock opened at $49.24 on Wednesday. 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 $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. The stock’s 50 day moving average is $38.96 and its 200 day moving average is $38.93.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results 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%. On average, equities research analysts predict that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently made changes to their positions in the company. Holocene Advisors LP purchased a new stake in shares of Nextracker in the 3rd quarter valued at $45,416,000. Erste Asset Management GmbH purchased a new position in Nextracker during the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after purchasing an additional 745,665 shares in the last quarter. State Street Corp grew its stake in shares of Nextracker by 15.8% during 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 during the period. Finally, Wellington Management Group LLP grew its stake in shares of Nextracker by 25.5% during 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 during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

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.