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

Nextracker (NASDAQ:NXT) had its price objective increased by Susquehanna from $50.00 to $54.00 in a research report sent to investors on Wednesday,Benzinga reports. Susquehanna currently has a positive rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Piper Sandler increased their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday. Guggenheim reiterated a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a research report on Friday, November 22nd. TD Cowen assumed coverage on Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Finally, Northland Securities restated an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Trading Up 24.3 %

NASDAQ:NXT opened at $49.24 on Wednesday. The firm has a fifty day simple moving average of $38.96 and a two-hundred day simple moving average of $38.93. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data 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 net margin of 17.26% and a return on equity of 559.17%. Analysts expect that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction 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 sale, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently modified their holdings of the stock. 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 worth $42,000 after buying an additional 426 shares in the last quarter. GAMMA Investing LLC grew its holdings 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 acquiring an additional 549 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Nextracker in the 3rd quarter valued at approximately $74,000. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Nextracker during the third quarter valued at approximately $75,000. Institutional investors 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.