Royal Bank of Canada Initiates Coverage on Nextracker (NASDAQ:NXT)

Stock analysts at Royal Bank of Canada initiated coverage on shares of Nextracker (NASDAQ:NXT) in a report released on Monday, Marketbeat.com reports. The firm set an “outperform” rating and a $55.00 price target on the stock. Royal Bank of Canada’s price target indicates a potential upside of 23.65% from the company’s current price.

NXT has been the topic of several other reports. Northland Securities restated an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Susquehanna upped their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday, January 29th. BMO Capital Markets upped their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. UBS Group upped their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, TD Cowen initiated coverage on shares of Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price on the stock. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.43.

Nextracker Stock Down 3.1 %

NXT opened at $44.48 on Monday. The firm has a 50-day simple moving average of $44.83 and a two-hundred day simple moving average of $39.67. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a market capitalization of $6.48 billion, a PE ratio of 11.32 and a beta of 2.24. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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%. Analysts forecast that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred 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 transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 in the last three months. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of NXT. Norges Bank bought a new position in shares of Nextracker during the fourth quarter valued at approximately $106,166,000. Encompass Capital Advisors LLC acquired a new stake in Nextracker in the fourth quarter valued at approximately $55,690,000. Invesco Ltd. boosted its stake in Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after acquiring an additional 1,329,456 shares in the last quarter. Holocene Advisors LP acquired a new stake in Nextracker in the third quarter valued at approximately $45,416,000. Finally, Erste Asset Management GmbH acquired a new stake in Nextracker in the third quarter valued at approximately $33,545,000. 67.41% of the stock is currently owned by institutional investors.

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.