Nextracker (NASDAQ:NXT) Price Target Raised to $60.00

Nextracker (NASDAQ:NXT) had its target price hoisted by Bank of America from $53.00 to $60.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

NXT has been the topic of a number of other research reports. Piper Sandler lifted their price target on Nextracker from $60.00 to $63.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Guggenheim assumed coverage on Nextracker in a research note on Thursday, February 8th. They issued a buy rating and a $73.00 price target on the stock. The Goldman Sachs Group lifted their price target on Nextracker from $62.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Cantor Fitzgerald lifted their price target on Nextracker from $52.00 to $62.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Finally, Barclays cut Nextracker from an overweight rating to an equal weight rating and lifted their price target for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $59.41.

Nextracker Stock Down 5.3 %

NASDAQ:NXT opened at $47.20 on Wednesday. The business’s 50-day moving average price is $56.85 and its 200 day moving average price is $46.36. The firm has a market cap of $6.44 billion, a P/E ratio of 25.24, a PEG ratio of 0.42 and a beta of 1.94. Nextracker has a 52-week low of $29.28 and a 52-week high of $62.14.

Nextracker (NASDAQ:NXT) last released its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. The firm had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. Sell-side analysts expect that Nextracker will post 2.35 EPS for the current year.

Insider Activity

In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Moody Aldrich Partners LLC lifted its holdings in Nextracker by 117.0% in the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after purchasing an additional 72,441 shares during the last quarter. Alps Advisors Inc. increased its position in Nextracker by 43.8% in the 3rd quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock worth $7,568,000 after buying an additional 57,371 shares during the period. Federated Hermes Inc. bought a new position in Nextracker in the 3rd quarter worth approximately $4,323,000. Rhumbline Advisers increased its position in Nextracker by 61.6% in the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock worth $2,749,000 after buying an additional 26,092 shares during the period. Finally, Versor Investments LP bought a new position in Nextracker in the 3rd quarter worth approximately $450,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.