Nextracker (NASDAQ:NXT) Trading Up 7.5% Following Analyst Upgrade

Nextracker Inc. (NASDAQ:NXT) shares rose 7.5% on Friday after Bank of America raised their price target on the stock from $94.00 to $102.00. Bank of America currently has a buy rating on the stock. Nextracker traded as high as $94.99 and last traded at $94.6560. Approximately 2,586,351 shares changed hands during trading, an increase of 4% from the average daily volume of 2,497,549 shares. The stock had previously closed at $88.09.

A number of other equities research analysts have also commented on the stock. Wells Fargo & Company increased their price objective on shares of Nextracker from $72.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Robert W. Baird set a $100.00 price target on shares of Nextracker in a research note on Friday, October 31st. JPMorgan Chase & Co. increased their price objective on shares of Nextracker from $92.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Deutsche Bank Aktiengesellschaft set a $99.00 target price on shares of Nextracker and gave the stock a “buy” rating in a report on Friday, October 24th. Finally, Barclays upped their target price on shares of Nextracker from $92.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.76.

Insider Activity

In other news, President Howard Wenger sold 5,217 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president owned 409,039 shares of the company’s stock, valued at $30,677,925. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. This trade represents a 1.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,420 shares of company stock valued at $1,092,930 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Shay Capital LLC boosted its stake in shares of Nextracker by 25.0% during the 3rd quarter. Shay Capital LLC now owns 5,000 shares of the company’s stock worth $370,000 after buying an additional 1,000 shares during the last quarter. Brooklyn Investment Group raised its holdings in Nextracker by 76.0% during the third quarter. Brooklyn Investment Group now owns 2,887 shares of the company’s stock worth $214,000 after acquiring an additional 1,247 shares in the last quarter. Vident Advisory LLC boosted its position in Nextracker by 72.7% during the third quarter. Vident Advisory LLC now owns 6,643 shares of the company’s stock valued at $492,000 after purchasing an additional 2,796 shares during the last quarter. Interval Partners LP bought a new position in Nextracker in the third quarter valued at approximately $1,169,000. Finally, Prudential PLC acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $3,114,000. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

The stock has a market cap of $13.95 billion, a price-to-earnings ratio of 24.59, a price-to-earnings-growth ratio of 2.41 and a beta of 2.31. The company has a 50-day simple moving average of $84.29 and a two-hundred day simple moving average of $67.42.

Nextracker (NASDAQ:NXT) last issued its earnings results on Thursday, October 23rd. The company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.21. Nextracker had a net margin of 17.08% and a return on equity of 35.05%. The business had revenue of $905.27 million for the quarter, compared to the consensus estimate of $839.53 million. Nextracker has set its FY 2026 guidance at 4.040-4.250 EPS. As a group, sell-side analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

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.