Nextracker (NASDAQ:NXT) Earns “Outperform” Rating from Northland Securities

Nextracker (NASDAQ:NXT)‘s stock had its “outperform” rating restated by Northland Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $55.00 target price on the stock, up from their prior target price of $48.00. Northland Securities’ price target would suggest a potential upside of 8.63% from the company’s current price.

A number of other brokerages also recently weighed in on NXT. TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price for the company. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday. Bank of America decreased their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Finally, Piper Sandler decreased their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Stock Performance

NASDAQ:NXT opened at $50.63 on Wednesday. The stock has a market capitalization of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a 50 day moving average of $39.20 and a 200-day moving average of $39.00. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. As a group, sell-side analysts anticipate that Nextracker will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the 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 completion of the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the last quarter. Quarry LP lifted its holdings in 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 purchasing an additional 426 shares during the last quarter. GAMMA Investing LLC boosted its position in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the period. Principal Securities Inc. increased 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 purchasing an additional 410 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the period. 67.41% of the stock is currently owned by 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.