Nextracker (NASDAQ:NXT) Price Target Raised to $50.00 at Piper Sandler

Nextracker (NASDAQ:NXT) had its target price boosted by Piper Sandler from $47.00 to $50.00 in a report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently weighed in on NXT. JPMorgan Chase & Co. boosted their price target on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday. Northland Securities reiterated an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Susquehanna decreased their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Finally, Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $56.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Up 24.3 %

NXT stock opened at $49.24 on Wednesday. The company has a market cap of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04. The firm has a 50-day moving average of $38.96 and a two-hundred day moving average of $38.93. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating the consensus estimate 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, analysts forecast that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of institutional investors have recently bought and sold shares of the business. State Street Corp raised its holdings in Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC raised its position in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after purchasing an additional 679,272 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after buying an additional 315,199 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Nextracker by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after buying an additional 84,069 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other 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.