Nextracker (NASDAQ:NXT) Upgraded at Barclays

Barclays upgraded shares of Nextracker (NASDAQ:NXT) from an equal weight rating to an overweight rating in a report issued on Wednesday morning, Marketbeat reports. The brokerage currently has $60.00 target price on the stock, up from their prior target price of $47.00.

NXT has been the topic of a number of other research reports. Guggenheim reissued a “buy” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Truist Financial lifted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. BMO Capital Markets dropped their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Finally, TD Cowen assumed 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. Three equities 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 company. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Trading Down 0.4 %

Shares of Nextracker stock opened at $50.42 on Wednesday. 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 quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The business’s 50 day moving average is $39.46 and its 200-day moving average is $39.08.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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%. Equities research analysts predict that Nextracker will post 2.67 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can increased its position in Nextracker by 25.3% in the 2nd quarter. Bank of Montreal Can now owns 52,428 shares of the company’s stock valued at $2,605,000 after acquiring an additional 10,589 shares during the period. AQR Capital Management LLC increased its holdings in Nextracker by 20.6% in the second quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock valued at $2,348,000 after purchasing an additional 8,547 shares during the period. The Manufacturers Life Insurance Company raised its position in Nextracker by 98.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 147,528 shares of the company’s stock worth $6,916,000 after purchasing an additional 73,119 shares during the last quarter. Creative Planning lifted its holdings in Nextracker by 23.7% during the 2nd quarter. Creative Planning now owns 30,317 shares of the company’s stock worth $1,421,000 after buying an additional 5,810 shares during the period. Finally, Truist Financial Corp grew its position in shares of Nextracker by 67.1% in the 2nd quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock valued at $526,000 after buying an additional 4,507 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.