Nextracker (NASDAQ:NXT) Stock Rating Upgraded by BNP Paribas

Nextracker (NASDAQ:NXT) was upgraded by stock analysts at BNP Paribas to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Susquehanna increased their target price on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $56.00 in a research report on Wednesday. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $47.00 to $60.00 in a research note on Wednesday. Finally, UBS Group lifted their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Performance

Shares of NXT opened at $50.63 on Wednesday. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $39.20 and a 200-day moving average price of $39.00. The company has a market cap of $7.37 billion, a PE ratio of 12.63 and a beta of 2.04. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

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

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of Nextracker 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 owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP boosted its stake in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares in the last quarter. Principal Securities Inc. boosted its position in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Quarry LP grew its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the last quarter. Nisa Investment Advisors LLC increased its position in 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 in the last quarter. Finally, HighTower Advisors LLC raised its stake in Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after buying an additional 519 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Company Profile

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.