Northland Securities Reaffirms “Outperform” Rating for Nextracker (NASDAQ:NXT)

Nextracker (NASDAQ:NXT)‘s stock had its “outperform” rating reissued by Northland Securities in a research report issued on Wednesday,Benzinga reports. They currently have a $55.00 target price on the stock, up from their prior target price of $48.00. Northland Securities’ target price suggests a potential upside of 38.82% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Robert W. Baird decreased their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Truist Financial lifted their price target on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $60.00 in a research note on Wednesday. Susquehanna decreased their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Finally, Guggenheim reissued a “buy” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average price target of $54.05.

Nextracker Trading Down 0.0 %

NXT opened at $39.62 on Wednesday. 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 stock’s 50 day moving average price is $38.90 and its 200-day moving average price is $39.02. Nextracker has a one year low of $30.93 and a one year high of $62.31. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 9.88 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS 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 EPS for the current year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in NXT. State Street Corp increased its stake in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares during the period. Wellington Management Group LLP boosted its stake in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after acquiring an additional 315,199 shares during the period. Finally, Handelsbanken Fonder AB raised its position in Nextracker by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock valued at $62,802,000 after acquiring an additional 84,069 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Company Profile

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.