Nextracker (NASDAQ:NXT) Upgraded to Overweight at Barclays

Barclays upgraded shares of Nextracker (NASDAQ:NXT) from an equal weight rating to an overweight rating in a research note released on Wednesday, Marketbeat.com reports. Barclays currently has $60.00 price objective on the stock, up from their prior price objective of $47.00.

A number of other research analysts have also recently commented on NXT. Truist Financial raised their target price on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. The Goldman Sachs Group lowered their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Citigroup lowered their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. BMO Capital Markets lowered their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Finally, Bank of America lowered their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Price Performance

NXT opened at $49.24 on Wednesday. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The stock’s 50 day simple moving average is $38.96 and its 200 day simple moving average is $38.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Nextracker (NASDAQ:NXT) last released its earnings results 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 559.17% and a net margin of 17.26%. As a group, analysts predict that Nextracker will post 2.7 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Institutional investors have recently made changes to their positions in the business. Quarry LP grew its position in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Nextracker during the third quarter worth about $74,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Nextracker during the third quarter worth about $75,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.