Nextracker (NASDAQ:NXT) Trading 5.9% Higher – What’s Next?

Shares of Nextracker Inc. (NASDAQ:NXT) shot up 5.9% on Tuesday . The stock traded as high as $44.45 and last traded at $44.18. 527,854 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 3,104,867 shares. The stock had previously closed at $41.71.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NXT shares. Guggenheim raised their price target on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group raised their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Citigroup cut their price target on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Price Performance

The firm has a market capitalization of $6.47 billion, a price-to-earnings ratio of 11.47 and a beta of 2.24. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $44.51 and a two-hundred day moving average price of $39.57.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, research analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP raised its holdings in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares during the period. Quarry LP lifted its position in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. Sterling Capital Management LLC raised its stake in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the period. Virtus Fund Advisers LLC acquired a new stake in Nextracker during the 4th quarter worth about $47,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Nextracker during the 4th quarter valued at $48,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.