Nextracker’s (NXT) Buy Rating Reiterated at Truist Financial

Nextracker (NASDAQ:NXT)‘s stock had its “buy” rating restated by Truist Financial in a research report issued on Wednesday,Benzinga reports. They currently have a $56.00 price objective on the stock, up from their previous price objective of $54.00. Truist Financial’s price target points to a potential upside of 41.34% from the company’s current price.

Several other brokerages have also issued reports on NXT. Piper Sandler cut their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Susquehanna cut their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Citigroup decreased their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company cut their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $54.76.

Nextracker Price Performance

NXT stock opened at $39.62 on Wednesday. The firm has a 50 day simple moving average of $38.96 and a two-hundred day simple moving average of $38.93. The stock has a market cap of $5.77 billion, a PE ratio of 9.88 and a beta of 2.04. Nextracker has a one year low of $30.93 and a one year high of $62.31. 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 released its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. On average, analysts predict that Nextracker will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP raised its stake in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after buying an additional 426 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Nextracker during the 3rd quarter valued at about $74,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in Nextracker during the 3rd quarter valued at about $75,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.