Nextracker (NASDAQ:NXT) Price Target Raised to $61.00 at The Goldman Sachs Group

Nextracker (NASDAQ:NXT) had its target price lifted by investment analysts at The Goldman Sachs Group from $54.00 to $61.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 26.47% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. UBS Group lifted their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler upped their target price on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial restated a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday. Susquehanna upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research report on Wednesday. Finally, Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.23.

Nextracker Stock Up 21.7 %

NXT traded up $8.61 during trading on Wednesday, reaching $48.23. 5,868,132 shares of the stock were exchanged, compared to its average volume of 3,041,456. The stock has a market cap of $7.02 billion, a P/E ratio of 12.05 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock’s 50 day moving average price is $38.96 and its two-hundred day moving average price is $38.93. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Equities analysts expect that Nextracker will post 2.7 EPS for the current year.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its holdings in shares of Nextracker by 25.3% in the 2nd quarter. Bank of Montreal Can now owns 52,428 shares of the company’s stock worth $2,605,000 after purchasing an additional 10,589 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Nextracker by 20.6% in the second quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock valued at $2,348,000 after buying an additional 8,547 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Nextracker by 98.3% during the second quarter. The Manufacturers Life Insurance Company now owns 147,528 shares of the company’s stock worth $6,916,000 after acquiring an additional 73,119 shares in the last quarter. Creative Planning lifted its position in Nextracker by 23.7% in the 2nd quarter. Creative Planning now owns 30,317 shares of the company’s stock valued at $1,421,000 after acquiring an additional 5,810 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in Nextracker by 67.1% during the 2nd quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock worth $526,000 after purchasing an additional 4,507 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.