Barclays Forecasts Strong Price Appreciation for Nextracker (NASDAQ:NXT) Stock

Nextracker (NASDAQ:NXT) had its price objective upped by research analysts at Barclays from $58.00 to $64.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 7.91% from the company’s current price.

Several other research analysts have also issued reports on the company. Piper Sandler set a $49.00 target price on Nextracker in a research report on Monday, April 21st. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and upped their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. UBS Group raised their price objective on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. upped their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Truist Financial increased their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.90.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $59.31 on Friday. Nextracker has a 1 year low of $30.93 and a 1 year high of $63.19. The stock has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. The company’s 50-day moving average is $43.44 and its 200 day moving average is $42.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NXT. IFP Advisors Inc raised its stake in Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after acquiring an additional 2,768 shares during the period. Robeco Schweiz AG purchased a new stake in shares of Nextracker in the fourth quarter worth $22,112,000. New York State Common Retirement Fund raised its position in shares of Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after purchasing an additional 185,858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after buying an additional 161,873 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Nextracker by 115.1% in the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock worth $482,000 after buying an additional 7,056 shares during the period. 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.