BMO Capital Markets Increases Nextracker (NASDAQ:NXT) Price Target to $59.00

Nextracker (NASDAQ:NXT) had its price target raised by equities research analysts at BMO Capital Markets from $51.00 to $59.00 in a report released on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ target price would suggest a potential downside of 0.52% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Piper Sandler set a $49.00 target price on shares of Nextracker in a report on Monday, April 21st. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Robert W. Baird reduced their price objective on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Finally, Guggenheim cut shares of Nextracker from a “buy” rating to a “neutral” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.90.

Nextracker Price Performance

Shares of NXT opened at $59.31 on Thursday. The company has a market cap of $8.64 billion, a price-to-earnings ratio of 15.09 and a beta of 2.03. Nextracker has a 1-year low of $30.93 and a 1-year high of $63.19. The company’s fifty day simple moving average is $43.44 and its 200 day simple moving average is $42.01. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president now owns 219,389 shares of the company’s stock, valued at $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the transaction, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,320 shares of company stock valued at $2,524,532. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. raised its stake in Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Allworth Financial LP raised its stake in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Summit Securities Group LLC raised its stake in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Nextracker in the first quarter valued at about $40,000. Finally, Sterling Capital Management LLC raised its stake in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.