Susquehanna Begins Coverage on Nextracker (NASDAQ:NXT)

Susquehanna assumed coverage on shares of Nextracker (NASDAQ:NXT) in a report published on Friday, Marketbeat Ratings reports. The brokerage issued a positive rating and a $59.00 target price on the stock.

A number of other equities analysts also recently commented on the company. Daiwa Capital Markets assumed coverage on Nextracker in a report on Monday, April 1st. They issued an outperform rating and a $63.00 price objective on the stock. Robert W. Baird assumed coverage on Nextracker in a report on Thursday, March 21st. They issued an outperform rating and a $71.00 price objective on the stock. Fox Advisors upgraded Nextracker from an equal weight rating to an overweight rating and set a $60.00 price objective on the stock in a report on Wednesday, May 15th. Piper Sandler cut their price objective on Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a report on Thursday, April 11th. Finally, Barclays downgraded Nextracker from an overweight rating to an equal weight rating and raised their target price for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $58.54.

Nextracker Stock Down 4.6 %

Shares of NASDAQ:NXT opened at $46.88 on Friday. The stock’s 50-day moving average price is $50.32 and its two-hundred day moving average price is $51.20. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. Nextracker has a 12-month low of $32.14 and a 12-month high of $62.31. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.66.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The firm had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. On average, research analysts forecast that Nextracker will post 2.23 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker during the 1st quarter valued at approximately $25,000. Lindbrook Capital LLC acquired a new position in Nextracker during the 1st quarter worth $34,000. Bruce G. Allen Investments LLC acquired a new position in Nextracker during the 1st quarter worth $37,000. Toth Financial Advisory Corp acquired a new position in Nextracker during the 1st quarter worth $38,000. Finally, Tucker Asset Management LLC acquired a new position in Nextracker during the 3rd quarter worth $42,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

About Nextracker

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.