Nextracker (NASDAQ:NXT) Price Target Raised to $62.00 at Guggenheim

Nextracker (NASDAQ:NXT) had its price objective hoisted by equities researchers at Guggenheim from $50.00 to $62.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 26.92% from the company’s previous close.

A number of other equities analysts have also commented on NXT. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Susquehanna upped their target price on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday. Truist Financial reissued a “buy” rating and issued a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research note on Wednesday. Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Nextracker from $58.00 to $61.00 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 one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.91.

Nextracker Stock Performance

NASDAQ NXT traded up $9.23 during trading on Wednesday, hitting $48.85. 5,604,486 shares of the company’s stock traded hands, compared to its average volume of 3,041,456. The business has a 50 day moving average of $38.96 and a 200-day moving average of $38.93. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of 12.22 and a beta of 2.04. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Nextracker (NASDAQ:NXT) last released 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 net margin of 17.26% and a return on equity of 559.17%. As a group, equities research analysts anticipate that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction 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 sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP lifted its stake in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. HighTower Advisors LLC increased its position in 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 during the period. GAMMA Investing LLC raised its stake in Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after buying an additional 549 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Nextracker by 37.8% in the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after acquiring an additional 560 shares in the last quarter. 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.