Nextracker (NASDAQ:NXT) Stock Rating Upgraded by Barclays

Nextracker (NASDAQ:NXT) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday, Marketbeat reports. The brokerage currently has a $60.00 target price on the stock, up from their prior target price of $47.00. Barclays‘s target price would indicate a potential upside of 18.51% from the company’s previous close.

A number of other research firms have also recently issued reports on NXT. BMO Capital Markets decreased their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Bank of America lowered their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. TD Cowen began coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Finally, Robert W. Baird cut their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average 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. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a 50 day moving average price of $39.20 and a 200 day moving average price of $39.00. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market cap of $7.37 billion, a PE ratio of 12.63 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. 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 return on equity of 559.17% and a net margin of 17.26%. As a group, sell-side analysts forecast that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the 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 transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.27% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NXT. Allworth Financial LP increased its position in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares in the last quarter. Figure 8 Investment Strategies LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at about $393,000. Vontobel Holding Ltd. purchased a new position in shares of Nextracker in the fourth quarter worth about $1,582,000. Finally, Renaissance Capital LLC boosted its position in Nextracker by 3.5% during the fourth quarter. Renaissance Capital LLC now owns 159,779 shares of the company’s stock worth $5,837,000 after acquiring an additional 5,390 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.