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

Nextracker Inc. (NASDAQ:NXT)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 changing hands.

The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%.

Analyst Ratings Changes

NXT has been the subject of several research analyst reports. UBS Group boosted their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company cut their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Guggenheim increased their target price on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup dropped their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Finally, 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 note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were 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 of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently bought and sold shares of NXT. Allworth Financial LP increased its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the period. Quarry LP grew its holdings in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after buying an additional 426 shares during the period. GAMMA Investing LLC increased its holdings in shares of Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares in the last quarter. Principal Securities Inc. raised its holdings in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 12.63 and a beta of 2.04. The stock has a 50-day moving average of $39.20 and a 200-day moving average of $39.00.

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.