Nextracker (NASDAQ:NXT) Shares Gap Up Following Better-Than-Expected Earnings

Nextracker Inc. (NASDAQ:NXT) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $39.62, but opened at $49.90. Nextracker shares last traded at $48.98, with a volume of 3,313,926 shares changing hands.

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 17.26% and a return on equity of 559.17%.

Analyst Ratings Changes

NXT has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday. Northland Securities reaffirmed an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a report on Wednesday. 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. Bank of America dropped their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Wells Fargo & Company decreased their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value 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. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Quarry LP increased its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Nextracker during the 3rd quarter valued at approximately $74,000. Finally, Arcadia Investment Management Corp MI bought a new position in Nextracker during the third quarter worth $75,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

The company has a 50 day moving average of $38.96 and a 200-day moving average of $38.93. The stock has a market capitalization 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.

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.