Nextracker (NASDAQ:NXT) Given New $62.00 Price Target at Guggenheim

Nextracker (NASDAQ:NXT) had its target price upped by Guggenheim from $50.00 to $62.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on NXT. The Goldman Sachs Group dropped their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Citigroup reduced their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Piper Sandler raised their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $47.00 to $60.00 in a report on Wednesday. Finally, Truist Financial reissued a “buy” rating and set a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Price Performance

Nextracker stock opened at $50.42 on Wednesday. The company has a fifty day simple moving average of $39.46 and a 200-day simple moving average of $39.08. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data 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 net margin of 20.12% and a return on equity of 43.83%. On average, equities analysts anticipate that Nextracker will post 2.67 EPS for the current fiscal year.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently modified their holdings of the company. Allworth Financial LP raised its stake in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares in the last quarter. Quarry LP increased its holdings in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC lifted its stake in Nextracker by 83.2% during the third 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. Principal Securities Inc. lifted its stake in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. 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.