Nextracker Inc. (NASDAQ:NXT) Given Consensus Rating of “Moderate Buy” by Analysts

Nextracker Inc. (NASDAQ:NXT) has earned an average rating of “Moderate Buy” from the twenty-four research firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $56.50.

A number of brokerages have recently commented on NXT. Northland Securities restated an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. TD Cowen initiated coverage on shares of Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Piper Sandler boosted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $47.00 to $60.00 in a research report on Wednesday, January 29th.

Nextracker Stock Performance

NXT opened at $46.12 on Monday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The firm has a 50 day moving average of $40.53 and a two-hundred day moving average of $39.05. The firm has a market capitalization of $6.72 billion, a PE ratio of 11.74 and a beta of 2.14.

Nextracker (NASDAQ:NXT) last issued its earnings results 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 20.12% and a return on equity of 41.22%. On average, analysts anticipate that Nextracker will post 3.29 EPS for the current year.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the business’s 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 transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was 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 directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

Institutional investors and hedge funds have recently bought and sold shares of the company. HighTower Advisors LLC lifted its stake in shares of Nextracker by 9.1% in the 4th quarter. HighTower Advisors LLC now owns 32,478 shares of the company’s stock valued at $1,186,000 after purchasing an additional 2,701 shares during the last quarter. Natural Investments LLC purchased a new stake in Nextracker in the 4th quarter valued at about $1,013,000. Wealthfront Advisers LLC acquired a new position in Nextracker in the fourth quarter valued at about $547,000. SPX Gestao de Recursos Ltda purchased a new position in Nextracker during the fourth quarter worth about $1,096,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after acquiring an additional 161,873 shares during the last quarter. 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.