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

Nextracker Inc. (NASDAQ:NXT) has earned an average recommendation of “Moderate Buy” from the twenty-five analysts that are covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, twenty have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $56.43.

Several equities research analysts recently issued reports on the company. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. The Goldman Sachs Group increased their target price on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Royal Bank of Canada assumed coverage on shares of Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 price objective on the stock. Finally, Piper Sandler raised 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, January 29th.

Nextracker Stock Up 2.1 %

NXT opened at $45.20 on Tuesday. The stock has a fifty day moving average of $45.08 and a 200-day moving average of $39.87. The company has a market capitalization of $6.58 billion, a P/E ratio of 11.50 and a beta of 2.24. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

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

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of institutional investors have recently bought and sold shares of NXT. Norges Bank acquired a new position in shares of Nextracker in the 4th quarter valued at about $106,166,000. Encompass Capital Advisors LLC bought a new stake in Nextracker in the fourth quarter worth approximately $55,690,000. Invesco Ltd. lifted its stake in Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after buying an additional 1,329,456 shares during the period. Holocene Advisors LP bought a new position in shares of Nextracker during the 3rd quarter worth approximately $45,416,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of Nextracker during the 3rd quarter worth approximately $33,545,000. 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.