UBS Group Forecasts Strong Price Appreciation for Nextracker (NASDAQ:NXT) Stock

Nextracker (NASDAQ:NXT) had its price objective lifted by UBS Group from $60.00 to $66.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price points to a potential upside of 30.36% from the stock’s previous close.

A number of other research analysts also recently commented on NXT. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Citigroup cut their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $47.00 to $60.00 in a report on Wednesday. The Goldman Sachs Group cut their price target on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Finally, Northland Securities restated an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Up 2.8 %

Shares of Nextracker stock opened at $50.63 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. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a market capitalization of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. The company has a 50 day moving average of $39.20 and a 200 day moving average of $39.00.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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, research analysts forecast that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently modified their holdings of NXT. Allworth Financial LP boosted its stake in shares of 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 buying an additional 276 shares in the last quarter. Quarry LP grew its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the period. GAMMA Investing LLC increased its holdings in shares of 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 purchasing an additional 549 shares in the last quarter. Principal Securities Inc. boosted its holdings in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares in the last quarter. 67.41% of the stock is 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.