Brokerages Set Nextracker Inc. (NASDAQ:NXT) Target Price at $58.52

Shares of Nextracker Inc. (NASDAQ:NXT) have earned a consensus recommendation of “Moderate Buy” from the twenty-four research firms that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $58.54.

NXT has been the topic of several analyst reports. Truist Financial reissued a “buy” rating and issued a $70.00 target price on shares of Nextracker in a report on Wednesday, May 15th. BMO Capital Markets dropped their target price on Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a report on Wednesday, May 15th. Robert W. Baird started coverage on Nextracker in a report on Thursday, March 21st. They set an “outperform” rating and a $71.00 price target on the stock. Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target on the stock in a report on Wednesday, May 15th. Finally, Scotiabank lowered their price target on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The disclosure for this sale can be found here. Insiders sold a total of 22,639 shares of company stock worth $1,084,460 over the last quarter. 0.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently made changes to their positions in NXT. Vanguard Group Inc. boosted its stake in shares of Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after acquiring an additional 7,821,368 shares during the period. Norges Bank bought a new position in shares of Nextracker in the fourth quarter worth about $120,861,000. Assenagon Asset Management S.A. boosted its stake in shares of Nextracker by 21,759.3% in the first quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after acquiring an additional 1,579,507 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in Nextracker by 2,652.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after buying an additional 958,838 shares during the last quarter. Finally, Earnest Partners LLC bought a new position in Nextracker during the first quarter valued at approximately $46,593,000. Institutional investors own 67.41% of the company’s stock.

Nextracker Trading Down 4.6 %

Nextracker stock opened at $46.88 on Friday. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $50.32 and its two-hundred day simple moving average is $51.15. Nextracker has a 12 month low of $32.14 and a 12 month high of $62.31. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.66.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The business had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. As a group, equities analysts predict that Nextracker will post 2.23 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.