Nextracker Inc. (NASDAQ:NXT) Receives $56.43 Average Target Price from Brokerages

Nextracker Inc. (NASDAQ:NXT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-five ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $56.43.

NXT has been the subject of several analyst reports. Northland Securities restated an “outperform” rating and set a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Guggenheim increased their target price on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Susquehanna lifted their price target on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. increased their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Citigroup cut their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th.

Nextracker Stock Performance

NASDAQ:NXT opened at $42.75 on Tuesday. The stock has a market cap of $6.23 billion, a P/E ratio of 10.88 and a beta of 2.24. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $45.11 and its two-hundred day moving average price is $39.99. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, equities analysts predict that Nextracker will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Vanguard Group Inc. grew its stake in shares of Nextracker by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after acquiring an additional 243,635 shares during the last quarter. State Street Corp grew its stake in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the period. Invesco Ltd. increased its holdings in Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after acquiring an additional 1,329,456 shares in the last quarter. Geode Capital Management LLC raised its stake in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares in the last quarter. 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 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.