Nextracker’s (NXT) “Buy” Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of Nextracker (NASDAQ:NXT) in a research note published on Wednesday morning,Benzinga reports. They currently have a $56.00 price target on the stock, up from their previous price target of $54.00.

A number of other research firms also recently weighed in on NXT. BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Bank of America lowered their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group cut their target price on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $56.00 in a research report on Wednesday. Finally, Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Performance

Nextracker stock opened at $49.24 on Wednesday. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The stock has a 50-day simple moving average of $38.96 and a 200 day simple moving average of $38.93. 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 capitalization of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. On average, research analysts anticipate that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on 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 approximately $9,421,425. The trade was a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Capital LLC grew its position in Nextracker by 3.5% in the fourth quarter. Renaissance Capital LLC now owns 159,779 shares of the company’s stock valued at $5,837,000 after purchasing an additional 5,390 shares in the last quarter. North Point Portfolio Managers Corp OH grew its holdings in shares of Nextracker by 56.7% in the 4th quarter. North Point Portfolio Managers Corp OH now owns 168,526 shares of the company’s stock valued at $6,156,000 after acquiring an additional 60,970 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Nextracker in the fourth quarter valued at about $177,000. Secure Asset Management LLC raised its holdings in Nextracker by 14.8% during the fourth quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock worth $1,532,000 after acquiring an additional 5,408 shares in the last quarter. Finally, Whalen Wealth Management Inc. acquired a new position in Nextracker during the fourth quarter valued at approximately $450,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.