Nextracker (NASDAQ:NXT) Price Target Raised to $66.00

Nextracker (NASDAQ:NXT) had its price objective lifted by UBS Group from $60.00 to $66.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also commented on NXT. 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 report on Wednesday, January 8th. Bank of America decreased their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Truist Financial reissued a “buy” rating and set a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday. Susquehanna lowered 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. Finally, Robert W. Baird cut their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Trading Down 0.4 %

Shares of NASDAQ NXT opened at $50.42 on Wednesday. The business’s 50 day moving average price is $39.46 and its 200-day moving average price is $39.08. 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 quick ratio of 1.99 and a current ratio of 2.21. The company has a market cap of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 43.83% and a net margin of 20.12%. On average, sell-side analysts expect that Nextracker will post 2.67 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Secure Asset Management LLC purchased a new stake in Nextracker during the third quarter worth $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after buying an additional 307,956 shares during the period. Van ECK Associates Corp increased its holdings in Nextracker by 30.7% in the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after buying an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new position in shares of Nextracker in the fourth quarter worth about $5,734,000. 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.