Roth Capital Reiterates “Buy” Rating for Nextracker (NASDAQ:NXT)

Nextracker (NASDAQ:NXT)‘s stock had its “buy” rating reiterated by Roth Capital in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $70.00 target price on the stock, up from their prior target price of $55.00. Roth Capital’s price target would suggest a potential upside of 18.02% from the company’s current price.

A number of other equities research analysts also recently commented on NXT. Fox Advisors downgraded Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday. Northland Securities reissued an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Truist Financial boosted their price objective on Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday. Guggenheim cut Nextracker from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, Piper Sandler set a $49.00 price objective on Nextracker in a research note on Monday, April 21st. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.90.

Nextracker Price Performance

NASDAQ:NXT opened at $59.31 on Thursday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. Nextracker has a 12 month low of $30.93 and a 12 month high of $63.19. The business’s 50-day moving average is $43.44 and its 200 day moving average is $42.01.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president now owns 219,389 shares of the company’s stock, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Ledesma sold 27,453 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the completion of the transaction, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. This trade represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,320 shares of company stock valued at $2,524,532. 0.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew 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 worth $28,000 after purchasing an additional 577 shares in the last quarter. Allworth Financial LP grew its stake in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Summit Securities Group LLC grew its stake in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Nextracker in the first quarter worth approximately $40,000. Finally, Fifth Third Bancorp grew its stake in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after purchasing an additional 260 shares in the last quarter. Institutional investors 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.