Truist Financial Reiterates “Buy” Rating for Nextracker (NASDAQ:NXT)

Truist Financial restated their buy rating on shares of Nextracker (NASDAQ:NXT) in a research report report published on Wednesday,Benzinga reports. They currently have a $56.00 price objective on the stock, up from their prior price objective of $54.00.

NXT has been the topic of a number of other research reports. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.00 to $56.00 in a research report on Wednesday. Guggenheim restated a “buy” rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, November 22nd. Robert W. Baird reduced their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. JPMorgan Chase & Co. lowered their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $47.00 to $60.00 in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Price Performance

Shares of NXT opened at $50.42 on Wednesday. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm has a market capitalization of $7.34 billion, a PE ratio of 12.83 and a beta of 2.04. The company’s 50-day moving average is $39.46 and its 200-day moving average is $39.08. 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 posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 43.83% and a net margin of 20.12%. Equities analysts forecast that Nextracker will post 2.67 EPS for the current year.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently modified their holdings of the company. Holocene Advisors LP bought a new stake in Nextracker during the 3rd quarter valued at $45,416,000. Erste Asset Management GmbH acquired a new position in shares of Nextracker during the third quarter valued at about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after acquiring an additional 745,665 shares in the last quarter. State Street Corp raised its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.