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

Shares of Nextracker Inc. (NASDAQ:NXT) have earned an average recommendation of “Moderate Buy” from the twenty-four analysts that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $56.50.

A number of research analysts recently commented on NXT shares. Citigroup decreased their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Northland Securities reaffirmed an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. BNP Paribas raised Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and boosted their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, BMO Capital Markets increased their price objective on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker 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 of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 over the last three months. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds have recently added to or reduced their stakes in the business. Shell Asset Management Co. raised its holdings in shares of Nextracker by 0.4% during the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company’s stock valued at $2,094,000 after purchasing an additional 228 shares during the period. Allworth Financial LP raised its stake 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 period. Signaturefd LLC boosted its holdings in Nextracker by 14.7% in the fourth quarter. Signaturefd LLC now owns 2,344 shares of the company’s stock worth $86,000 after acquiring an additional 301 shares in the last quarter. Principal Securities Inc. grew its stake in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares during the period. Finally, Quarry LP increased its holdings in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $43.09 on Friday. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a market cap of $6.27 billion, a PE ratio of 10.96 and a beta of 2.14. The business’s 50 day moving average price is $43.78 and its two-hundred day moving average price is $39.45. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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, analysts predict that Nextracker will post 3.29 EPS for the current year.

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.