Nextracker (NASDAQ:NXT) Shares Gap Up Following Better-Than-Expected Earnings

Nextracker Inc. (NASDAQ:NXT)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $39.62, but opened at $49.90. Nextracker shares last traded at $48.98, with a volume of 3,313,926 shares traded.

The company reported $0.89 earnings per share 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%.

Analysts Set New Price Targets

A number of equities research analysts have commented on NXT shares. BMO Capital Markets raised their price objective on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday. Susquehanna raised their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $47.00 to $60.00 in a research report on Wednesday. TD Cowen began coverage on Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target on the stock. Finally, Piper Sandler lifted their price target on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on 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 in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP raised its position in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC raised its position 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 acquiring an additional 516 shares during the last quarter. HighTower Advisors LLC increased its holdings in Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares during the last quarter. GAMMA Investing LLC increased its holdings in 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 purchasing an additional 549 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Nextracker by 37.8% in the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after purchasing an additional 560 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 24.3 %

The business has a fifty day moving average of $38.96 and a 200 day moving average of $38.93. The firm has a market cap of $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

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.