Nextracker (NASDAQ:NXT) Price Target Raised to $66.00

Nextracker (NASDAQ:NXT) had its target price lifted by UBS Group from $60.00 to $66.00 in a research report sent to investors on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on NXT. Bank of America lowered their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Piper Sandler upped their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and increased their target price for the stock from $46.00 to $56.00 in a research report on Wednesday. Susquehanna reduced their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group dropped their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Trading Up 24.3 %

Shares of NXT stock opened at $49.24 on Wednesday. The firm has a fifty day moving average of $38.96 and a 200-day moving average of $38.93. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. On average, equities research analysts forecast that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the firm’s 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 sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Nextracker by 23.3% in 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 in the last quarter. Secure Asset Management LLC acquired a new stake in Nextracker in the 3rd quarter valued at $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Nextracker by 33.5% during 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 buying an additional 307,956 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after buying an additional 14,249 shares during the last quarter. Finally, Nordea Investment Management AB acquired a new position in shares of Nextracker during the 4th quarter worth about $5,734,000. 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.