Nextracker Inc. (NASDAQ:NXT) Receives $56.50 Consensus Price Target from Analysts

Shares of Nextracker Inc. (NASDAQ:NXT) have been assigned an average rating of “Moderate Buy” from the twenty-four brokerages that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $56.50.

A number of research analysts recently issued reports on NXT shares. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price objective on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Truist Financial reissued a “buy” rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were 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 owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in shares of Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares during the period. Secure Asset Management LLC purchased a new position in Nextracker during the 3rd quarter worth $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after acquiring an additional 307,956 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Nextracker by 30.7% in the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after acquiring an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new position in shares of Nextracker during the fourth quarter worth about $5,734,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Down 3.1 %

Shares of NXT opened at $46.12 on Monday. The company’s 50-day simple moving average is $40.53 and its 200-day simple moving average is $39.05. 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 has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market capitalization of $6.72 billion, a PE ratio of 11.74 and a beta of 2.14.

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

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.