Piper Sandler Forecasts Strong Price Appreciation for Nextracker (NASDAQ:NXT) Stock

Nextracker (NASDAQ:NXT) had its target price lifted by investment analysts at Piper Sandler from $47.00 to $50.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 1.24% from the company’s current price.

A number of other equities research analysts have also issued reports on NXT. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and upped their price target for the company from $46.00 to $56.00 in a research report on Wednesday. Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. increased their price objective on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday. Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Finally, TD Cowen initiated coverage on Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Price Performance

NXT stock opened at $50.63 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The business has a 50 day simple moving average of $39.20 and a 200-day simple moving average of $39.00. The firm has a market capitalization of $7.37 billion, a PE ratio of 12.63 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 anticipate that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction 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 directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.27% of the stock is owned by insiders.

Institutional Trading of Nextracker

Several hedge funds have recently modified their holdings of NXT. Allworth Financial LP raised its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Quarry LP raised its stake in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. GAMMA Investing LLC raised 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. Principal Securities Inc. raised its stake in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.