Piper Sandler Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its target price lifted by Piper Sandler from $47.00 to $50.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued research reports about the stock. Truist Financial restated a “buy” rating and set a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research report on Wednesday. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $47.00 to $60.00 in a report on Wednesday. Citigroup reduced their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Guggenheim restated a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, November 22nd. Finally, TD Cowen initiated coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Three investment 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’s stock. According to data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Stock Performance

Shares of NXT stock opened at $50.42 on Wednesday. The company has a fifty day moving average price of $39.46 and a two-hundred day moving average price of $39.08. The stock has a market cap of $7.34 billion, a P/E ratio of 12.83 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. Nextracker has a one year low of $30.93 and a one year high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 43.83%. As a group, equities analysts predict that Nextracker will post 2.67 EPS for the current year.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the company’s 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 of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after purchasing an additional 679,272 shares during the period. Secure Asset Management LLC acquired a new position in Nextracker in the third quarter valued at approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after buying an additional 307,956 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after buying an additional 14,249 shares during the period. Finally, Nordea Investment Management AB bought a new stake in shares of Nextracker in the 4th quarter valued at $5,734,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.