Nextracker (NASDAQ:NXT) Price Target Raised to $62.00 at Guggenheim

Nextracker (NASDAQ:NXT) had its target price hoisted by stock analysts at Guggenheim from $50.00 to $62.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 26.92% from the company’s previous close.

A number of other research firms have also recently weighed in on NXT. Truist Financial reaffirmed 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. Robert W. Baird reduced their price objective on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Wednesday. Finally, UBS Group raised their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $55.91.

Nextracker Price Performance

Shares of NXT stock traded up $9.23 on Wednesday, hitting $48.85. 5,604,486 shares of the company’s stock were exchanged, compared to its average volume of 3,041,456. Nextracker has a 12 month low of $30.93 and a 12 month 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. The company has a 50 day moving average of $38.96 and a 200 day moving average of $38.93. The stock has a market cap of $7.11 billion, a P/E ratio of 12.22 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. On average, equities research analysts predict that Nextracker will post 2.7 EPS for the current year.

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction 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 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Quarry LP lifted its position in shares of 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 purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC increased its stake in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after buying an additional 549 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Nextracker in the 3rd quarter worth approximately $74,000. Finally, Arcadia Investment Management Corp MI bought a new position in shares of Nextracker in the third quarter valued at approximately $75,000. 67.41% of the stock is currently 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.