Nextracker (NASDAQ:NXT) Stock Rating Upgraded by BNP Paribas

Nextracker (NASDAQ:NXT) was upgraded by equities research analysts at BNP Paribas to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

NXT has been the subject of a number of other research reports. Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. JPMorgan Chase & Co. increased their price objective on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler lifted their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial reissued a “buy” rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a report on Wednesday. Finally, BMO Capital Markets lifted their price objective on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday. Three investment 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 company. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Trading Up 2.8 %

NASDAQ:NXT opened at $50.63 on Wednesday. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of 12.63 and a beta of 2.04. The company’s 50 day moving average price is $39.20 and its 200-day moving average price is $39.00. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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%. On average, equities research analysts forecast that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in 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 purchasing an additional 690,343 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the period. Wellington Management Group LLP lifted its stake in shares of Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after acquiring an additional 315,199 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in Nextracker by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after purchasing an additional 84,069 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 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.