Nextracker (NASDAQ:NXT) Price Target Raised to $64.00 at Barclays

Nextracker (NASDAQ:NXT) had its target price lifted by Barclays from $58.00 to $64.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently issued reports on NXT. Susquehanna boosted their target price on shares of Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday. Truist Financial boosted their target price on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday. TD Cowen boosted their target price on shares of Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $59.90.

Nextracker Stock Down 3.7%

Nextracker stock opened at $59.31 on Friday. 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 has a 12-month low of $30.93 and a 12-month high of $63.19. The firm’s fifty day moving average is $43.44 and its 200 day moving average is $42.10. The company has a market capitalization of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer now owns 124,615 shares in the company, valued at $6,853,825. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 27,453 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the completion of the sale, the insider now 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 position. The disclosure for this sale can be found here. Insiders sold a total of 43,320 shares of company stock worth $2,524,532 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextracker

Several institutional investors have recently made changes to their positions in the company. IFP Advisors Inc increased its holdings in Nextracker by 516.4% during the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after buying an additional 2,768 shares during the last quarter. Robeco Schweiz AG bought a new stake in shares of Nextracker in the 4th quarter worth approximately $22,112,000. New York State Common Retirement Fund raised its holdings in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after purchasing an additional 185,858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after purchasing an additional 161,873 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in shares of Nextracker by 115.1% in the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock worth $482,000 after purchasing an additional 7,056 shares during the period. 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.