Nextracker’s (NXT) Buy Rating Reiterated at Roth Capital

Roth Capital reiterated their buy rating on shares of Nextracker (NASDAQ:NXT) in a research report report published on Thursday,Benzinga reports. They currently have a $70.00 price target on the stock, up from their previous price target of $55.00.

Several other equities analysts have also issued reports on NXT. Susquehanna lifted their target price on Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a research note on Thursday. The Goldman Sachs Group boosted their price target on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Barclays dropped their price target on Nextracker from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Fox Advisors lowered Nextracker from an “overweight” rating to an “equal weight” rating in a research note on Thursday. Finally, Bank of America boosted their price target on Nextracker from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $59.90.

Nextracker Price Performance

NXT opened at $59.31 on Thursday. The business’s 50-day moving average is $43.44 and its two-hundred day moving average is $42.08. Nextracker has a 1 year low of $30.93 and a 1 year high of $63.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a market capitalization of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the president now directly owns 219,389 shares of the company’s stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 27,453 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the transaction, the insider now directly owns 120,972 shares of the company’s stock, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,320 shares of company stock valued at $2,524,532. 0.27% of the stock is owned by company insiders.

Institutional Trading of Nextracker

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC purchased a new stake in shares of Nextracker during the first quarter worth approximately $7,211,000. United Services Automobile Association purchased a new stake in shares of Nextracker during the first quarter worth approximately $394,000. Sandler Capital Management purchased a new stake in shares of Nextracker during the first quarter worth approximately $2,460,000. Palo Duro Investment Partners LP purchased a new stake in shares of Nextracker during the first quarter worth approximately $3,563,000. Finally, PharVision Advisers LLC purchased a new stake in shares of Nextracker during the first quarter worth approximately $254,000. 67.41% of the stock is currently 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.