Analysts Set Nextracker Inc. (NASDAQ:NXT) Target Price at $56.50

Shares of Nextracker Inc. (NASDAQ:NXT) have received a consensus recommendation of “Moderate Buy” from the twenty-four analysts that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $56.50.

Several equities research analysts have issued reports on NXT shares. Piper Sandler lifted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Citigroup cut their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. TD Cowen began coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Guggenheim lifted their price target on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, 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, January 29th.

Nextracker Trading Down 1.7 %

Nextracker stock opened at $42.09 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a market cap of $6.13 billion, a P/E ratio of 10.71 and a beta of 2.14. The firm’s fifty day moving average price is $44.01 and its 200-day moving average price is $39.49.

Nextracker (NASDAQ:NXT) last released its quarterly 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%. Equities research analysts forecast that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated 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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, 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. Norges Bank bought a new position in shares of Nextracker in the 4th quarter worth about $106,166,000. Encompass Capital Advisors LLC purchased a new stake in Nextracker in the fourth quarter worth about $55,690,000. Invesco Ltd. increased its stake in shares of Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Nextracker during the third quarter valued at approximately $45,416,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Nextracker in the 3rd quarter worth approximately $33,545,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.