Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Nextracker (NASDAQ:NXT) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $58.00 to $61.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 20.48% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Guggenheim reiterated a “buy” rating and issued a $55.00 target price on shares of Nextracker in a report on Friday, November 22nd. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Bank of America reduced their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Robert W. Baird dropped their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Finally, Northland Securities reissued an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Up 2.8 %

Shares of NXT opened at $50.63 on Wednesday. The firm has a fifty day moving average price of $39.20 and a 200-day moving average price of $39.00. 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 firm has a market capitalization of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. Equities research analysts expect that Nextracker will post 2.7 earnings per share for the current year.

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of institutional investors have recently bought and sold shares of NXT. Holocene Advisors LP acquired a new position in Nextracker during the third quarter valued at $45,416,000. Erste Asset Management GmbH acquired a new position in shares of Nextracker in the 3rd quarter valued at about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after buying an additional 745,665 shares during the last quarter. State Street Corp grew its holdings in Nextracker by 15.8% during the third 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. Finally, Wellington Management Group LLP raised its position in Nextracker by 25.5% during the third 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. 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.