Nextracker (NASDAQ:NXT) Price Target Raised to $50.00 at BMO Capital Markets

Nextracker (NASDAQ:NXT) had its target price lifted by investment analysts at BMO Capital Markets from $48.00 to $50.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price target points to a potential upside of 4.78% from the company’s previous close.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. increased their target price on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group raised their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday. Guggenheim boosted their price target on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday. Northland Securities reiterated an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a report on Wednesday. Finally, Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Trading Up 20.4 %

Shares of NASDAQ NXT traded up $8.10 during trading hours on Wednesday, reaching $47.72. The stock had a trading volume of 7,246,490 shares, compared to its average volume of 3,126,971. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The business’s fifty day moving average price is $38.96 and its two-hundred day moving average price is $38.93. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of 11.89 and a beta of 2.04. 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 (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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 other Nextracker 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 approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quarry LP lifted its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after purchasing an additional 549 shares during the period. Nisa Investment Advisors LLC boosted its stake in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Nextracker during the 3rd quarter valued at about $74,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in Nextracker in the 3rd quarter valued at $75,000. 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.