Nextracker Inc. (NASDAQ:NXT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Nextracker Inc. (NASDAQ:NXT) have received an average rating of “Moderate Buy” from the twenty-four analysts that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $56.14.

NXT has been the subject of a number of research reports. Susquehanna lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research report on Wednesday, January 29th. Wells Fargo & Company reduced their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Truist Financial restated a “buy” rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $42.14 on Tuesday. The firm has a market capitalization of $6.14 billion, a price-to-earnings ratio of 10.72 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The business’s 50 day simple moving average is $45.05 and its 200-day simple moving average is $40.18. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. As a group, equities analysts forecast that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction 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 sale, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,758 shares of company stock valued at $1,217,520. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its holdings in Nextracker by 516.4% in the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after acquiring an additional 2,768 shares in the last quarter. Robeco Schweiz AG acquired a new position in Nextracker in the fourth quarter worth about $22,112,000. New York State Common Retirement Fund increased its holdings in Nextracker by 65.6% in the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after buying an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after buying an additional 161,873 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.