JPMorgan Chase & Co. Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target lifted by JPMorgan Chase & Co. from $58.00 to $61.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

NXT has been the subject of a number of other research reports. Truist Financial reissued a “buy” rating and issued a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research report on Wednesday. BMO Capital Markets decreased their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Wells Fargo & Company cut 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. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.00 to $56.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Trading Up 24.3 %

Shares of NASDAQ NXT opened at $49.24 on Wednesday. The firm’s 50 day moving average price is $38.96 and its 200-day moving average price is $38.93. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. 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 company has a market cap of $7.17 billion, a PE ratio of 12.28 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 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%. On average, equities research analysts expect that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bank of Montreal Can boosted its stake in Nextracker by 25.3% during the second quarter. Bank of Montreal Can now owns 52,428 shares of the company’s stock valued at $2,605,000 after buying an additional 10,589 shares during the last quarter. AQR Capital Management LLC increased its stake in Nextracker by 20.6% in the 2nd quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock worth $2,348,000 after acquiring an additional 8,547 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Nextracker by 98.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 147,528 shares of the company’s stock valued at $6,916,000 after acquiring an additional 73,119 shares during the last quarter. Creative Planning grew its holdings in shares of Nextracker by 23.7% in the second quarter. Creative Planning now owns 30,317 shares of the company’s stock valued at $1,421,000 after purchasing an additional 5,810 shares in the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Nextracker by 67.1% in the second quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock valued at $526,000 after purchasing an additional 4,507 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

About Nextracker

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.