Nextracker Inc. (NASDAQ:NXT) Receives $55.48 Average Price Target from Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have received an average recommendation of “Moderate Buy” from the twenty-three research firms that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $55.48.

A number of research firms have weighed in on NXT. UBS Group boosted their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Royal Bank of Canada started coverage on Nextracker in a report on Monday, March 17th. They set an “outperform” rating and a $55.00 price objective for the company. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Truist Financial decreased their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Piper Sandler increased their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $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 can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC raised its holdings in Nextracker by 259.8% during the 3rd quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after buying an additional 187,598 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of Nextracker by 14.9% in the third quarter. Retirement Systems of Alabama now owns 174,244 shares of the company’s stock worth $6,531,000 after purchasing an additional 22,570 shares during the last quarter. Everence Capital Management Inc. bought a new position in Nextracker during the 4th quarter valued at approximately $331,000. Central Pacific Bank Trust Division purchased a new stake in Nextracker in the 4th quarter worth approximately $94,000. Finally, Nordea Investment Management AB bought a new stake in shares of Nextracker in the 4th quarter worth approximately $5,734,000. Institutional investors own 67.41% of the company’s stock.

Nextracker Trading Down 2.5 %

NASDAQ:NXT opened at $39.28 on Friday. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a 50-day moving average price of $43.10 and a two-hundred day moving average price of $40.46. The firm has a market cap of $5.72 billion, a price-to-earnings ratio of 9.99 and a beta of 2.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates 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 expect 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.