Nextracker’s (NXT) Buy Rating Reiterated at Truist Financial

Truist Financial reissued their buy rating on shares of Nextracker (NASDAQ:NXT) in a report released on Wednesday,Benzinga reports. Truist Financial currently has a $56.00 target price on the stock, up from their prior target price of $54.00.

NXT has been the subject of several other reports. The Goldman Sachs Group decreased their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Northland Capmk raised Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their target price for the company from $46.00 to $56.00 in a research note on Wednesday. Guggenheim reissued a “buy” rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, November 22nd. Finally, Citigroup lowered their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $50.42 on Wednesday. The firm’s 50 day moving average is $39.46 and its two-hundred day moving average is $39.08. The firm has a market capitalization of $7.34 billion, a P/E ratio of 12.83 and a beta of 2.04. 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 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results 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 return on equity of 43.83% and a net margin of 20.12%. Analysts anticipate that Nextracker will post 2.67 earnings per share for the current year.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Institutional Trading of Nextracker

A number of institutional investors have recently made changes to their positions in NXT. Allworth Financial LP lifted its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares in the last quarter. Quarry LP grew its stake in Nextracker by 61.5% in 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 increased its position in shares of Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the last quarter. Institutional investors 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.