Nextracker (NASDAQ:NXT) Research Coverage Started at Susquehanna

Susquehanna initiated coverage on shares of Nextracker (NASDAQ:NXT) in a research note released on Friday, MarketBeat.com reports. The firm issued a positive rating and a $59.00 price objective on the stock.

NXT has been the topic of several other reports. Barclays lowered shares of Nextracker from an overweight rating to an equal weight rating and raised their price target for the stock from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Scotiabank decreased their price target on shares of Nextracker from $55.00 to $50.00 and set a sector outperform rating on the stock in a research report on Monday, April 29th. Piper Sandler decreased their price target on shares of Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a research report on Thursday, April 11th. Roth Mkm restated a buy rating and issued a $70.00 price target on shares of Nextracker in a research report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $73.00 to $67.00 and set an overweight rating on the stock in a research report on Thursday, February 29th. Four analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $58.54.

Nextracker Stock Down 1.6 %

Nextracker stock opened at $46.12 on Friday. The company has a market capitalization of $6.69 billion, a P/E ratio of 13.73 and a beta of 2.52. Nextracker has a 1-year low of $32.14 and a 1-year high of $62.31. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The firm’s fifty day simple moving average is $50.32 and its 200-day simple moving average is $51.20.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.47 by $0.38. The firm had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. Sell-side analysts forecast that Nextracker will post 2.23 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In related news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the transaction, the insider now directly owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the transaction, the insider now directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp bought a new stake in shares of Nextracker during the fourth quarter worth approximately $2,176,000. Baader Bank Aktiengesellschaft acquired a new position in Nextracker during the fourth quarter valued at approximately $211,000. Hsbc Holdings PLC grew its holdings in Nextracker by 22.7% during the fourth quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock valued at $13,503,000 after purchasing an additional 53,904 shares during the period. Moody Aldrich Partners LLC grew its holdings in Nextracker by 117.0% during the fourth quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock valued at $6,295,000 after purchasing an additional 72,441 shares during the period. Finally, Graybill Wealth Management LTD. acquired a new position in Nextracker during the first quarter valued at approximately $1,643,000. 67.41% of the stock is owned by institutional investors.

Nextracker Company Profile

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.