Nextracker (NASDAQ:NXT) Receives Buy Rating from Truist Financial

Nextracker (NASDAQ:NXT)‘s stock had its “buy” rating reissued by analysts at Truist Financial in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $56.00 target price on the stock, up from their previous target price of $54.00. Truist Financial’s price target indicates a potential upside of 10.61% from the stock’s current price.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group reduced their price objective on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $47.00 to $60.00 in a research report on Wednesday. Susquehanna cut their price objective 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. Piper Sandler decreased their target price on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Finally, Guggenheim reiterated a “buy” rating and set a $55.00 price target on shares of Nextracker in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Trading Up 2.8 %

NASDAQ NXT opened at $50.63 on Wednesday. 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 has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a market cap of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. The stock has a 50 day simple moving average of $39.20 and a two-hundred day simple moving average of $39.00.

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

Insiders Place Their Bets

In other Nextracker news, 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 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 represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

Large investors have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of 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. Quarry LP grew its position in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the period. Finally, HighTower Advisors LLC raised its position in Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares during 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.