Analysts Set Nextracker Inc. (NASDAQ:NXT) PT at $56.43

Shares of Nextracker Inc. (NASDAQ:NXT) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-five research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $56.43.

Several research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. BMO Capital Markets upped their price target on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Northland Securities reissued an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Guggenheim raised their target price on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th.

Insider Activity

In other news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last three months. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several large investors have recently added to or reduced their stakes in the business. IFP Advisors Inc boosted its holdings in Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after acquiring an additional 2,768 shares during the last quarter. Robeco Schweiz AG bought a new position in shares of Nextracker during the fourth quarter valued at about $22,112,000. New York State Common Retirement Fund boosted its holdings in Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after purchasing an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of Nextracker stock opened at $42.75 on Tuesday. The company’s 50 day moving average price is $45.11 and its two-hundred day moving average price is $39.99. The firm has a market capitalization of $6.23 billion, a P/E ratio of 10.88 and a beta of 2.24. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

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

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.