Nextracker (NASDAQ:NXT) Price Target Raised to $61.00

Nextracker (NASDAQ:NXT) had its price objective increased by The Goldman Sachs Group from $54.00 to $61.00 in a research note published on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on NXT. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $56.00 in a research report on Wednesday. Wells Fargo & Company decreased their price objective on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Northland Securities reiterated an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday. Guggenheim raised their price target on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Susquehanna upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday. Three equities research 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. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Price Performance

NXT stock opened at $50.42 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 $39.46 and its 200 day moving average price is $39.08. The firm has a market cap of $7.34 billion, a P/E ratio of 12.83 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 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, sell-side analysts expect that Nextracker will post 2.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Institutional Trading of Nextracker

A number of hedge funds have recently made changes to their positions in NXT. Allworth Financial LP boosted its stake in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares during the last quarter. Quarry LP raised its stake 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 purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the last quarter. Principal Securities Inc. grew its stake in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the last quarter. Institutional investors and hedge funds 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.