Nextracker (NASDAQ:NXT) Rating Increased to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Nextracker (NASDAQ:NXT) from a hold rating to a buy rating in a research note published on Wednesday, Marketbeat Ratings reports. The firm currently has $56.00 price objective on the stock, up from their prior price objective of $46.00.

Several other research firms also recently issued reports on NXT. Northland Capmk raised Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Susquehanna decreased their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Citigroup cut their price target on shares of 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 decreased their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Performance

Shares of Nextracker stock opened at $49.24 on Wednesday. The company’s 50 day moving average price is $38.96 and its two-hundred day moving average price is $38.93. The firm has a market capitalization of $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. Nextracker has a fifty-two week low of $30.93 and a fifty-two week 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 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%. On average, equities analysts forecast that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently modified their holdings of NXT. Renaissance Capital LLC increased its stake in 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 purchasing an additional 5,390 shares in the last quarter. North Point Portfolio Managers Corp OH grew its holdings in shares of Nextracker by 56.7% during 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 buying an additional 60,970 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Nextracker during the fourth quarter worth about $177,000. Secure Asset Management LLC raised its holdings in shares of Nextracker by 14.8% in the 4th quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock worth $1,532,000 after acquiring an additional 5,408 shares during the last quarter. Finally, Whalen Wealth Management Inc. bought a new position in Nextracker in the 4th quarter valued at about $450,000. 67.41% of the stock is currently owned by 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.