Nextracker’s (NXT) “Outperform” Rating Reiterated at Northland Securities

Nextracker (NASDAQ:NXT)‘s stock had its “outperform” rating reiterated by equities research analysts at Northland Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $55.00 target price on the stock, up from their previous target price of $48.00. Northland Securities’ price objective points to a potential upside of 38.82% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Susquehanna lowered their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Guggenheim restated a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, November 22nd. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen started coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price for the company. Four investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.05.

Nextracker Trading Down 0.0 %

NXT stock opened at $39.62 on Wednesday. The company has a quick ratio of 1.99, a current ratio of 2.21 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. The company’s 50-day simple moving average is $38.90 and its 200-day simple moving average is $39.02. The firm has a market cap of $5.77 billion, a P/E ratio of 9.88 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data 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 559.17% and a net margin of 17.26%. As a group, equities analysts forecast that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Nextracker by 23.3% during the third 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 period. Secure Asset Management LLC acquired a new position in Nextracker in the 3rd quarter valued at about $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Van ECK Associates Corp lifted its position in shares of Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB purchased a new position in shares of Nextracker in the fourth quarter valued at approximately $5,734,000. Hedge funds and other 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.