Nextracker Inc. (NASDAQ:NXT) Receives Average Rating of “Moderate Buy” from Brokerages

Nextracker Inc. (NASDAQ:NXT) has received an average recommendation of “Moderate Buy” from the twenty-four analysts that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, nineteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $56.50.

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Bank of America reduced their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Finally, BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th.

Nextracker Trading Down 3.1 %

NASDAQ:NXT opened at $46.12 on Monday. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a 50-day moving average price of $40.37 and a two-hundred day moving average price of $39.12. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of 11.74 and a beta of 2.13.

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

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’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 completion of the transaction, the president now directly owns 209,365 shares in the company, 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 can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Holocene Advisors LP purchased a new stake in shares of Nextracker in the 3rd quarter valued at $45,416,000. Erste Asset Management GmbH purchased a new stake in Nextracker during the third quarter valued at about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after buying an additional 745,665 shares during the last quarter. State Street Corp increased its holdings in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after buying an additional 690,343 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.