Nextracker (NASDAQ:NXT) Coverage Initiated at Royal Bank of Canada

Royal Bank of Canada started coverage on shares of Nextracker (NASDAQ:NXT) in a research note issued to investors on Monday morning, MarketBeat.com reports. The firm issued an outperform rating and a $55.00 price target on the stock.

NXT has been the subject of several other research reports. Susquehanna raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. BMO Capital Markets raised their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, January 29th. Piper Sandler raised their price objective on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Finally, TD Cowen started coverage on shares of Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.43.

Nextracker Stock Up 1.6 %

Shares of NASDAQ NXT opened at $45.17 on Monday. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a 50-day moving average price of $44.89 and a 200 day moving average price of $39.71. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 11.49 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data 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 net margin of 20.12% and a return on equity of 41.22%. Equities research analysts anticipate that Nextracker will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently bought and sold shares of NXT. State of New Jersey Common Pension Fund D lifted its position in Nextracker by 11.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 51,670 shares of the company’s stock valued at $1,937,000 after buying an additional 5,489 shares in the last quarter. KBC Group NV lifted its position in Nextracker by 7.9% during the third quarter. KBC Group NV now owns 8,472 shares of the company’s stock valued at $318,000 after buying an additional 620 shares in the last quarter. Royce & Associates LP acquired a new position in Nextracker during the third quarter valued at approximately $3,330,000. Mutual of America Capital Management LLC lifted its position in Nextracker by 10.2% during the third quarter. Mutual of America Capital Management LLC now owns 77,520 shares of the company’s stock valued at $2,905,000 after buying an additional 7,163 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Nextracker by 13.5% during the third quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company’s stock valued at $1,263,000 after buying an additional 4,006 shares in the last quarter. 67.41% of the stock is currently 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.