Nextracker (NASDAQ:NXT) Price Target Raised to $50.00

Nextracker (NASDAQ:NXT) had its target price hoisted by equities research analysts at Piper Sandler from $47.00 to $50.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 4.40% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group reduced their price target on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Citigroup reduced 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. Northland Securities restated an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research report on Wednesday. Finally, Wells Fargo & Company cut their price objective on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.90.

Nextracker Price Performance

NXT stock opened at $47.89 on Wednesday. The stock has a market cap of $6.97 billion, a PE ratio of 11.94 and a beta of 2.04. The stock has a 50-day moving average price of $38.96 and a two-hundred day moving average price of $38.93. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a 1 year low of $30.93 and a 1 year 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 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%. Equities analysts forecast that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Activity

In related 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 value of $272,970.00. Following the sale, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently added to or reduced their stakes in NXT. Bank of Montreal Can grew its position in Nextracker by 25.3% in the 2nd quarter. Bank of Montreal Can now owns 52,428 shares of the company’s stock worth $2,605,000 after purchasing an additional 10,589 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Nextracker by 20.6% during the 2nd quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock valued at $2,348,000 after buying an additional 8,547 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Nextracker by 98.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 147,528 shares of the company’s stock valued at $6,916,000 after buying an additional 73,119 shares in the last quarter. Creative Planning lifted its stake in shares of Nextracker by 23.7% during the 2nd quarter. Creative Planning now owns 30,317 shares of the company’s stock valued at $1,421,000 after buying an additional 5,810 shares in the last quarter. Finally, Truist Financial Corp lifted its stake in Nextracker by 67.1% in the 2nd quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock worth $526,000 after purchasing an additional 4,507 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

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.