The Goldman Sachs Group Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its target price lifted by The Goldman Sachs Group from $54.00 to $61.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $47.00 to $60.00 in a report on Wednesday. Robert W. Baird dropped their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. TD Cowen began coverage on shares of Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price on the stock. BMO Capital Markets dropped their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. upped their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Up 24.3 %

Shares of NXT stock opened at $49.24 on Wednesday. The company’s fifty day simple moving average is $38.96 and its two-hundred day simple moving average is $38.93. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The stock has a market cap of $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. 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 posted its 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 559.17% and a net margin of 17.26%. Analysts predict that Nextracker will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred 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 sale, the president now owns 209,365 shares of the company’s stock, 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 legal filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Bank of Montreal Can grew its position in shares of Nextracker by 25.3% during the 2nd quarter. Bank of Montreal Can now owns 52,428 shares of the company’s stock worth $2,605,000 after buying an additional 10,589 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Nextracker by 20.6% in the 2nd quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock valued at $2,348,000 after purchasing an additional 8,547 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Nextracker by 98.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 147,528 shares of the company’s stock worth $6,916,000 after purchasing an additional 73,119 shares during the period. Creative Planning increased its holdings in Nextracker by 23.7% during the second quarter. Creative Planning now owns 30,317 shares of the company’s stock valued at $1,421,000 after buying an additional 5,810 shares during the period. Finally, Truist Financial Corp raised its stake in Nextracker by 67.1% in the second quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock worth $526,000 after buying an additional 4,507 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other 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.