Nextracker (NASDAQ:NXT) Price Target Raised to $54.00

Nextracker (NASDAQ:NXT) had its price target upped by Susquehanna from $50.00 to $54.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a positive rating on the stock.

NXT has been the subject of several other research reports. Truist Financial reiterated a “buy” rating and issued a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a research note on Wednesday. Northland Securities reiterated an “outperform” rating and set a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a report on Wednesday. Bank of America reduced their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. BMO Capital Markets dropped their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Finally, Wells Fargo & Company cut their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Price Performance

NXT stock opened at $50.42 on Wednesday. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market cap of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04. The company’s fifty day simple moving average is $39.46 and its 200 day simple moving average is $39.08. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 43.83% and a net margin of 20.12%. On average, analysts expect that Nextracker will post 2.67 earnings per share for the current year.

Insiders Place Their Bets

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

Several institutional investors have recently made changes to their positions in NXT. State Street Corp raised its stake in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares during the period. Geode Capital Management LLC increased its position in shares of Nextracker by 23.3% during the third 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 lifted its holdings 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 in the last quarter. Victory Capital Management Inc. boosted its position in shares of Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after acquiring an additional 315,199 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in shares of Nextracker by 5.3% in 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 during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.