Nextracker (NASDAQ:NXT) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Nextracker (NASDAQ:NXT) in a report released on Monday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $55.00 target price on the stock.

Other research analysts have also recently issued research reports about the company. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Wells Fargo & Company cut their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. BMO Capital Markets lifted their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Finally, The Goldman Sachs Group lifted their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.43.

Nextracker Trading Up 3.6 %

Shares of Nextracker stock opened at $45.90 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The stock has a 50 day moving average price of $44.82 and a two-hundred day moving average price of $39.64. The stock has a market capitalization of $6.68 billion, a PE ratio of 11.68 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. As a group, equities analysts anticipate that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 over the last ninety days. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management grew its position in Nextracker by 175.9% during the fourth quarter. Neo Ivy Capital Management now owns 5,424 shares of the company’s stock worth $198,000 after buying an additional 3,458 shares in the last quarter. Vise Technologies Inc. purchased a new position in Nextracker during the fourth quarter worth about $271,000. CSS LLC IL purchased a new position in Nextracker during the fourth quarter worth about $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Nextracker by 5.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,648 shares of the company’s stock worth $13,357,000 after buying an additional 20,430 shares in the last quarter. Finally, Sourcerock Group LLC purchased a new position in Nextracker during the fourth quarter worth about $18,651,000. 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.