Nextracker (NASDAQ:NXT) Price Target Raised to $50.00

Nextracker (NASDAQ:NXTGet Free Report) had its price target lifted by Piper Sandler from $47.00 to $50.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 1.24% from the stock’s current price.

Several other equities analysts have also issued reports on NXT. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $56.00 in a report on Wednesday. The Goldman Sachs Group lowered their price target on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. TD Cowen started coverage on Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Northland Securities reissued an “outperform” rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a report on Wednesday. Finally, Guggenheim reissued a “buy” rating and set a $55.00 price target on shares of Nextracker in a report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.50.

View Our Latest Research Report on NXT

Nextracker Stock Performance

Shares of NXT stock opened at $50.63 on Wednesday. The stock’s 50-day moving average is $39.20 and its two-hundred day moving average is $39.00. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 12.63 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year 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.

Nextracker (NASDAQ:NXTGet Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Nextracker will post 2.7 earnings per share for the current year.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the period. Secure Asset Management LLC acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares during the last quarter. Finally, Nordea Investment Management AB acquired a new position in shares of Nextracker during the 4th quarter worth approximately $5,734,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Nextracker (NASDAQ:NXT)

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