Nextracker (NASDAQ:NXT) Stock Rating Upgraded by Barclays

Nextracker (NASDAQ:NXT) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm presently has a $60.00 price target on the stock, up from their previous price target of $47.00. Barclays‘s price target indicates a potential upside of 51.44% from the stock’s current price.

A number of other research firms have also recently commented on NXT. Citigroup lowered their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Piper Sandler lowered their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Robert W. Baird cut their price objective on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Bank of America dropped their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Northland Securities reiterated an “outperform” rating and issued a $48.00 price target on shares of Nextracker in a report on Tuesday, November 19th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.71.

Nextracker Stock Performance

NXT stock opened at $39.62 on Wednesday. Nextracker has a twelve month low of $30.93 and a twelve month 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 company has a market cap of $5.77 billion, a P/E ratio of 9.88 and a beta of 2.04. The business’s fifty day moving average is $38.90 and its 200-day moving average is $39.02.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. Equities research analysts forecast that Nextracker will post 2.7 EPS for the current year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated 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 directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NXT. Quarry LP increased its position in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. GAMMA Investing LLC grew its stake in shares of Nextracker by 83.2% in 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 in the last quarter. Nisa Investment Advisors LLC increased 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 worth $68,000 after purchasing an additional 516 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Nextracker in the third quarter valued at approximately $74,000. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Nextracker in the third quarter valued at approximately $75,000. Institutional investors and hedge funds 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.