Analysts Set Nextracker Inc. (NASDAQ:NXT) Target Price at $58.52

Nextracker Inc. (NASDAQ:NXT) has earned a consensus rating of “Moderate Buy” from the twenty-four analysts that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $58.54.

NXT has been the subject of a number of research analyst reports. Mizuho reduced their price objective on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a report on Wednesday, May 15th. Bank of America lifted their target price on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Daiwa Capital Markets began coverage on Nextracker in a report on Monday, April 1st. They set an “outperform” rating and a $63.00 target price for the company. Finally, Susquehanna began coverage on Nextracker in a report on Friday. They set a “positive” rating and a $59.00 target price for the company.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the sale, the insider now directly owns 17,387 shares in the company, valued at $763,463.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,639 shares of company stock valued at $1,084,460. 0.09% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after purchasing an additional 7,821,368 shares during the last quarter. Norges Bank bought a new stake in Nextracker in the fourth quarter valued at approximately $120,861,000. Handelsbanken Fonder AB boosted its holdings in Nextracker by 30.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after acquiring an additional 446,034 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Nextracker by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock valued at $79,160,000 after acquiring an additional 404,146 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Nextracker by 22.0% in the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock valued at $65,686,000 after acquiring an additional 295,256 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Trading Down 4.6 %

NXT stock opened at $46.88 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. The company has a fifty day moving average price of $50.32 and a two-hundred day moving average price of $51.15. Nextracker has a one year low of $32.14 and a one year high of $62.31. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.66.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The firm had revenue of $736.52 million during the quarter, compared to analysts’ expectations of $681.03 million. Equities analysts anticipate that Nextracker will post 2.23 EPS for the current year.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.