Nextracker (NASDAQ:NXT) Shares Up 5.3%

Nextracker Inc. (NASDAQ:NXT)’s stock price traded up 5.3% on Thursday . The stock traded as high as $49.29 and last traded at $49.06. 3,137,752 shares were traded during mid-day trading, a decline of 25% from the average session volume of 4,209,532 shares. The stock had previously closed at $46.59.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Mizuho lowered their price objective on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Bank of America lifted their target price on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Roth Mkm reaffirmed a “buy” rating and set a $70.00 price target on shares of Nextracker in a report on Wednesday, May 15th. Guggenheim decreased their price objective on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Finally, Robert W. Baird started coverage on shares of Nextracker in a research note on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price for the company. Four analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.54.

Nextracker Price Performance

The company has a 50 day moving average price of $50.32 and a 200-day moving average price of $51.08. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.66. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.38. The firm had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. As a group, equities research analysts predict that Nextracker Inc. will post 2.23 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,639 shares of company stock worth $1,084,460. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several institutional investors have recently made changes to their positions in NXT. Vanguard Group Inc. increased its position in Nextracker by 166.1% in the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after buying an additional 7,821,368 shares in the last quarter. Norges Bank acquired a new position in shares of Nextracker during the fourth quarter worth approximately $120,861,000. Assenagon Asset Management S.A. grew its position in Nextracker by 21,759.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock valued at $89,287,000 after purchasing an additional 1,579,507 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Nextracker by 2,652.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock worth $39,958,000 after buying an additional 958,838 shares during the last quarter. Finally, Earnest Partners LLC bought a new position in shares of Nextracker in the first quarter valued at $46,593,000. Institutional investors and hedge funds 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.