Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Nextracker (NASDAQ:NXT) had its price objective hoisted by analysts at The Goldman Sachs Group from $54.00 to $61.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 20.48% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets lowered their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Piper Sandler upped their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $56.00 in a report on Wednesday. TD Cowen started coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price for the company. Finally, UBS Group upped their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Trading Up 2.8 %

Shares of NXT stock opened at $50.63 on Wednesday. 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 stock has a market capitalization of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. The company has a 50 day moving average price of $39.20 and a 200 day moving average price of $39.00. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. Equities research analysts predict that Nextracker will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is owned by insiders.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently bought and sold shares of NXT. Allworth Financial LP raised its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares during the last quarter. Quarry LP grew its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the period. GAMMA Investing LLC grew its stake in shares of Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the period. Principal Securities Inc. grew its stake in shares of 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 purchasing an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of 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 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.