Nextracker (NASDAQ:NXT) Given Outperform Rating at Northland Securities

Northland Securities reaffirmed their outperform rating on shares of Nextracker (NASDAQ:NXT) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $55.00 price target on the stock, up from their previous price target of $48.00.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group reduced their price target on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Piper Sandler reduced their price target on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Finally, BMO Capital Markets reduced their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Price Performance

Shares of NXT stock opened at $49.24 on Wednesday. The company has a market capitalization of $7.17 billion, a PE ratio of 12.28 and a beta of 2.04. The firm has a fifty day simple moving average of $38.96 and a 200-day simple moving average of $38.93. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

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

Insider Buying and Selling

In related news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred 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 $9,421,425. The trade was a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Quarry LP grew its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC grew its position in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Nextracker during the third quarter valued at approximately $74,000. Finally, Arcadia Investment Management Corp MI purchased a new position in Nextracker during the third quarter valued at approximately $75,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.