Nextracker (NASDAQ:NXT) Price Target Cut to $52.00 by Analysts at Truist Financial

Nextracker (NASDAQ:NXT) had its target price reduced by analysts at Truist Financial from $56.00 to $52.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 30.35% from the stock’s current price.

Several other research analysts also recently commented on the company. UBS Group lifted their price objective on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. raised their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Robert W. Baird dropped their price target on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday. BMO Capital Markets boosted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Finally, Royal Bank of Canada initiated coverage on shares of Nextracker in a report on Monday, March 17th. They set an “outperform” rating and a $55.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.64.

Nextracker Price Performance

Shares of NXT traded up $0.17 during trading hours on Thursday, reaching $39.89. 214,913 shares of the company’s stock traded hands, compared to its average volume of 3,013,180. The firm’s 50 day simple moving average is $43.43 and its 200-day simple moving average is $40.35. The stock has a market cap of $5.81 billion, a PE ratio of 10.14 and a beta of 2.02. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

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 the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Equities analysts expect that Nextracker will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction 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 completion of the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently bought and sold shares of the business. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares during the period. Sterling Capital Management LLC grew its position in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after purchasing an additional 1,055 shares during the period. Virtus Fund Advisers LLC purchased a new stake in Nextracker during the 4th quarter valued at $47,000. Millstone Evans Group LLC bought a new position in shares of Nextracker during the 4th quarter valued at $48,000. Finally, Principal Securities Inc. boosted its stake in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the last quarter. Hedge funds and other institutional investors 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.