Nextracker (NASDAQ:NXT) Research Coverage Started at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Nextracker (NASDAQ:NXT) in a research note released on Monday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $55.00 price objective on the stock.

NXT has been the topic of several other reports. JPMorgan Chase & Co. upped their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Northland Securities restated an “outperform” rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Finally, UBS Group upped their price objective on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Stock Performance

Nextracker stock opened at $45.17 on Monday. The firm has a 50 day simple moving average of $44.89 and a 200-day simple moving average of $39.71. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 11.49 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last posted 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 net margin of 20.12% and a return on equity of 41.22%. On average, analysts expect that Nextracker will post 3.29 EPS for the current year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,758 shares of company stock valued at $1,217,520. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after purchasing an additional 243,635 shares during the last quarter. State Street Corp lifted its stake in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares during the period. Invesco Ltd. lifted its stake in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the period. Geode Capital Management LLC lifted its stake in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.