Nextracker Inc. (NASDAQ:NXT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have received an average recommendation of “Moderate Buy” from the twenty-three research firms that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and nineteen have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $58.52.

A number of analysts have weighed in on NXT shares. Wells Fargo & Company cut their target price on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 15th. Truist Financial restated a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research report on Wednesday, May 15th. BMO Capital Markets cut their target price on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 15th. Fox Advisors upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price on the stock in a research report on Wednesday, May 15th. Finally, Barclays lowered shares of Nextracker from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $55.00 to $63.00 in a report on Tuesday, April 2nd.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $54.79 on Friday. The company’s 50 day simple moving average is $49.88 and its 200 day simple moving average is $50.85. The stock has a market capitalization of $7.95 billion, a price-to-earnings ratio of 16.31 and a beta of 2.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. Nextracker has a 1 year low of $32.14 and a 1 year high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, research analysts predict that Nextracker will post 2.23 EPS for the current fiscal year.

Insider Activity at Nextracker

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

Institutional Investors Weigh In On Nextracker

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after acquiring an additional 7,821,368 shares in the last quarter. Norges Bank bought a new stake in shares of Nextracker during the fourth quarter worth about $120,861,000. Handelsbanken Fonder AB increased its position in shares of Nextracker by 30.1% during the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after acquiring an additional 446,034 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Nextracker by 31.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock worth $79,160,000 after acquiring an additional 404,146 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Nextracker by 22.0% during the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock worth $65,686,000 after acquiring an additional 295,256 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

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.