Nextracker (NASDAQ:NXT) Stock Rating Upgraded by Jefferies Financial Group

Nextracker (NASDAQ:NXT) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $56.00 price target on the stock, up from their prior price target of $46.00. Jefferies Financial Group’s price objective indicates a potential upside of 10.61% from the stock’s previous close.

Several other brokerages have also recently weighed in on NXT. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. dropped their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $47.00 to $60.00 in a report on Wednesday. Bank of America cut their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their target price on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Stock Up 2.8 %

NXT stock opened at $50.63 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock’s 50 day simple moving average is $39.20 and its 200 day simple moving average is $39.00. The company has a market cap of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04.

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, research analysts expect that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the firm’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 transaction, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP raised its holdings in shares of Nextracker by 61.5% during the third 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 boosted its holdings in 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 last quarter. Principal Securities Inc. raised its stake in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after buying an additional 410 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake 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 worth $68,000 after buying an additional 516 shares during the last quarter. 67.41% of the stock is currently 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.