Nextracker Inc. (NASDAQ:NXT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have earned a consensus recommendation of “Moderate Buy” from the twenty-four analysts that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $56.14.

NXT has been the subject of a number of research analyst reports. BMO Capital Markets lifted their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. TD Cowen assumed coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. JPMorgan Chase & Co. increased 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. The Goldman Sachs Group upped their price objective on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Wells Fargo & Company decreased their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th.

Nextracker Stock Performance

NASDAQ NXT opened at $42.14 on Tuesday. The stock has a fifty day simple moving average of $45.05 and a 200-day simple moving average of $40.18. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a market cap of $6.14 billion, a PE ratio of 10.72 and a beta of 2.24. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Equities analysts anticipate that Nextracker will post 3.29 earnings per share for the current year.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was 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 in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were 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 directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last 90 days. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the period. Quarry LP grew its holdings in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the period. Sterling Capital Management LLC raised its position in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in Nextracker in the fourth quarter valued at $47,000. Finally, Millstone Evans Group LLC purchased a new stake in shares of Nextracker during the 4th quarter worth $48,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.