Nextracker (NASDAQ:NXT) Given New $48.00 Price Target at Robert W. Baird

Nextracker (NASDAQ:NXT) had its price target dropped by Robert W. Baird from $59.00 to $48.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 17.85% from the company’s previous close.

NXT has been the subject of several other reports. BNP Paribas raised Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. The Goldman Sachs Group raised their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Guggenheim increased their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and set a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada assumed coverage on Nextracker in a report on Monday, March 17th. They set an “outperform” rating and a $55.00 price target for the company. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.82.

Nextracker Stock Performance

NASDAQ NXT opened at $40.73 on Tuesday. The company has a market cap of $5.93 billion, a P/E ratio of 10.36 and a beta of 2.02. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. 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 stock has a 50-day moving average of $43.70 and a two-hundred day moving average of $40.35.

Nextracker (NASDAQ:NXT) last announced its earnings results 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 41.22%. As a group, analysts anticipate that Nextracker will post 3.29 EPS for the current 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 transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on 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 directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NXT. Allworth Financial LP grew its holdings in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC acquired a new position in shares of Nextracker in the 4th quarter valued at $47,000. Millstone Evans Group LLC purchased a new stake in shares of Nextracker during the 4th quarter valued at $48,000. Finally, Principal Securities Inc. increased its holdings in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the last quarter. 67.41% of the stock is currently 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.