Nextracker Inc. (NASDAQ:NXT) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Nextracker Inc. (NASDAQ:NXT) have been assigned an average rating of “Moderate Buy” from the twenty-three ratings firms that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $58.52.

A number of equities analysts have recently weighed in on NXT shares. Scotiabank cut their price target on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a report on Monday, April 29th. Roth Mkm reiterated a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Wells Fargo & Company dropped their target price on Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. BMO Capital Markets dropped their target price on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research note on Wednesday, May 15th. Finally, Daiwa Capital Markets initiated coverage on Nextracker in a research note on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price for the company.

Insider Transactions at Nextracker

In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, the insider now owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Insiders sold 22,639 shares of company stock valued at $1,084,460 over the last quarter. Company insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Nextracker during the first quarter valued at approximately $25,000. Lindbrook Capital LLC acquired a new stake in Nextracker during the first quarter valued at approximately $34,000. Bruce G. Allen Investments LLC acquired a new stake in Nextracker during the first quarter valued at approximately $37,000. Toth Financial Advisory Corp acquired a new stake in Nextracker during the first quarter valued at approximately $38,000. Finally, Tucker Asset Management LLC acquired a new stake in Nextracker during the third quarter valued at approximately $42,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NXT stock opened at $54.79 on Friday. Nextracker has a 1 year low of $32.14 and a 1 year high of $62.31. The stock has a market cap of $7.95 billion, a PE ratio of 16.31 and a beta of 2.66. The stock has a fifty day moving average price of $49.88 and a 200 day moving average price of $50.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The company had revenue of $736.52 million during the quarter, compared to analysts’ expectations of $681.03 million. Sell-side analysts forecast that Nextracker will post 2.23 earnings per share for the current fiscal year.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.