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

Nextracker (NASDAQ:NXT) had its price target upped by Guggenheim from $50.00 to $62.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently issued reports on NXT. Robert W. Baird dropped their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Truist Financial reiterated a “buy” rating and set a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a report on Wednesday. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. UBS Group upped their price target on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, TD Cowen initiated coverage on Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Price Performance

NXT stock opened at $49.24 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. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04. The company’s fifty day simple moving average is $38.96 and its 200 day simple moving average is $38.93. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. On average, analysts expect that Nextracker will post 2.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Quarry LP raised its position in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the period. GAMMA Investing LLC grew its stake in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after buying an additional 549 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Nextracker during the third quarter worth $74,000. Finally, Arcadia Investment Management Corp MI bought a new position in shares of Nextracker in the third quarter worth $75,000. 67.41% of the stock is owned by institutional investors.

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.