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

Nextracker (NASDAQ:NXT) had its target price increased by stock analysts at Susquehanna from $54.00 to $66.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “positive” rating on the stock. Susquehanna’s price target indicates a potential upside of 11.28% from the stock’s current price.

Several other analysts have also recently commented on the stock. Piper Sandler set a $49.00 target price on shares of Nextracker in a research note on Monday, April 21st. Barclays lowered their target price on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Royal Bank of Canada started coverage on shares of Nextracker in a report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Robert W. Baird decreased their price target on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.90.

Nextracker Stock Down 3.7%

NXT stock opened at $59.31 on Thursday. The stock has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a one year low of $30.93 and a one year high of $63.19. The company has a 50 day moving average price of $43.44 and a two-hundred day moving average price of $42.01.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 27,453 shares of Nextracker stock in a transaction on Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the transaction, the insider now owns 120,972 shares in the company, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now directly owns 219,389 shares in the company, valued at $12,066,395. This trade represents a 2.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,320 shares of company stock worth $2,524,532. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its position in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 577 shares during the last quarter. Allworth Financial LP grew its position in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the last quarter. Summit Securities Group LLC grew its position in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker during the 1st quarter valued at about $40,000. Finally, Fifth Third Bancorp grew its position in shares of Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after buying an additional 260 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

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.