Nextracker (NASDAQ:NXT) Price Target Raised to $50.00 at BMO Capital Markets

Nextracker (NASDAQ:NXT) had its price objective raised by BMO Capital Markets from $48.00 to $50.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a market perform rating on the stock.

Other equities research analysts also recently issued reports about the company. Piper Sandler increased their price objective on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Guggenheim increased their target price on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $49.24 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market capitalization of $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. The company’s fifty day moving average price is $38.96 and its 200 day moving average price is $38.93.

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 return on equity of 559.17% and a net margin of 17.26%. As a group, sell-side analysts predict that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Quarry LP raised its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC raised 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 purchasing an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Nextracker in the 3rd quarter valued at approximately $74,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Nextracker in the third quarter valued at $75,000. 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 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.