Nextracker (NASDAQ:NXT) Price Target Raised to $50.00

Nextracker (NASDAQ:NXT) had its price target boosted by BMO Capital Markets from $48.00 to $50.00 in a report published on Wednesday morning,Benzinga reports. They currently have a market perform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Truist Financial reissued a “buy” rating and issued a $56.00 price target (up from $54.00) on shares of Nextracker in a report on Wednesday. UBS Group raised their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Piper Sandler lifted their price objective on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $47.00 to $60.00 in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Stock Down 0.4 %

NXT opened at $50.42 on Wednesday. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market cap of $7.34 billion, a PE ratio of 12.83 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. The company has a 50 day moving average of $39.46 and a 200 day moving average of $39.08.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 43.83% and a net margin of 20.12%. On average, sell-side analysts expect that Nextracker will post 2.67 EPS for the current year.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company’s 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 owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares during the period. Geode Capital Management LLC boosted its position in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Wellington Management Group LLP boosted its position in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after acquiring an additional 315,199 shares during the period. Finally, Handelsbanken Fonder AB raised its position in shares of Nextracker by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after acquiring an additional 84,069 shares in 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.