Nextracker (NASDAQ:NXT) Raised to “Strong-Buy” at BNP Paribas

Nextracker (NASDAQ:NXT) was upgraded by investment analysts at BNP Paribas to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

NXT has been the subject of several other reports. Robert W. Baird reduced their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Northland Securities reissued an “outperform” rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $56.00 in a research report on Wednesday. Piper Sandler boosted their price target on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Bank of America reduced their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Price Performance

NXT opened at $49.24 on Wednesday. The business has a fifty day moving average of $38.96 and a 200 day moving average of $38.93. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The stock has a market cap of $7.17 billion, a P/E ratio of 12.28 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 for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. As a group, sell-side analysts anticipate that Nextracker will post 2.7 EPS for the current year.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’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 sale, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently bought and sold shares of the business. Quarry LP boosted its position 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 purchasing an additional 426 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after acquiring an additional 519 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after acquiring an additional 549 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Nextracker by 37.8% during the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after acquiring an additional 560 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.