Nextracker (NASDAQ:NXT) Upgraded at BNP Paribas

BNP Paribas upgraded shares of Nextracker (NASDAQ:NXT) to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Other analysts have also issued reports about the company. Northland Securities reissued an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a report on Wednesday. Bank of America lowered their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $56.00 in a report on Wednesday. Susquehanna increased their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday. Finally, Piper Sandler boosted their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $50.42 on Wednesday. The stock’s 50 day moving average is $39.46 and its 200-day moving average is $39.08. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 43.83%. Sell-side analysts forecast that Nextracker will post 2.67 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the company’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 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on 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 approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the period. Principal Securities Inc. grew its stake in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. Quarry LP increased its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the period. Nisa Investment Advisors LLC lifted its stake in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares in the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Nextracker by 1.8% during the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares in 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.