UBS Group Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target lifted by UBS Group from $60.00 to $66.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 34.51% from the stock’s previous close.

NXT has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their price target on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup dropped their price target on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their target price 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. TD Cowen initiated coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Finally, Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.41.

Nextracker Trading Up 23.8 %

Shares of NASDAQ NXT traded up $9.45 during trading on Wednesday, hitting $49.07. 3,313,926 shares of the company traded hands, compared to its average volume of 2,831,221. 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 capitalization of $7.14 billion, a P/E ratio of 12.28 and a beta of 2.04. The company has a 50-day moving average price of $38.96 and a 200-day moving average price of $38.93. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. On average, equities analysts predict that Nextracker will post 2.7 EPS for the current year.

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This 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. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP raised its stake in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after buying an additional 426 shares during the period. GAMMA Investing LLC boosted its position in 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 period. Nisa Investment Advisors LLC raised its position in shares of 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 purchasing an additional 516 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Nextracker during the third quarter worth approximately $74,000. Finally, Arcadia Investment Management Corp MI acquired a new position in Nextracker in the 3rd quarter valued at $75,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.