Nextracker (NASDAQ:NXT) Coverage Initiated by Analysts at Susquehanna

Susquehanna assumed coverage on shares of Nextracker (NASDAQ:NXT) in a report issued on Friday, Marketbeat reports. The firm issued a positive rating and a $59.00 price objective on the stock.

NXT has been the subject of a number of other reports. Mizuho decreased their price target on Nextracker from $64.00 to $59.00 and set a buy rating for the company in a research report on Friday, April 19th. Roth Mkm reiterated a buy rating and set a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Bank of America increased their price target on shares of Nextracker from $53.00 to $60.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Guggenheim lowered their price objective on shares of Nextracker from $73.00 to $60.00 and set a buy rating on the stock in a research report on Tuesday, April 23rd. Finally, Barclays downgraded shares of Nextracker from an overweight rating to an equal weight rating and increased their target price for the company from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Nextracker presently has an average rating of Moderate Buy and an average target price of $58.54.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $46.88 on Friday. Nextracker has a 1-year low of $32.14 and a 1-year high of $62.31. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The stock has a market cap of $6.80 billion, a PE ratio of 13.95 and a beta of 2.66. The stock’s fifty day simple moving average is $50.32 and its two-hundred day simple moving average is $51.08.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million for the quarter, compared to analysts’ expectations of $681.03 million. As a group, analysts forecast that Nextracker will post 2.23 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the transaction, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at $585,374.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,639 shares of company stock worth $1,084,460. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently made changes to their positions in NXT. DekaBank Deutsche Girozentrale lifted its stake in Nextracker by 1,356.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 375,263 shares of the company’s stock worth $21,769,000 after purchasing an additional 349,501 shares during the last quarter. Boston Partners purchased a new position in shares of Nextracker in the first quarter worth about $14,125,000. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Nextracker in the first quarter worth about $1,821,000. Cetera Advisors LLC bought a new stake in shares of Nextracker in the 1st quarter valued at about $288,000. Finally, Virtu Financial LLC boosted its holdings in Nextracker by 228.3% during the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after acquiring an additional 26,700 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.