Nextracker (NASDAQ:NXT) Price Target Increased to $65.00 by Analysts at JPMorgan Chase & Co.

Nextracker (NASDAQ:NXT) had its price target lifted by JPMorgan Chase & Co. from $63.00 to $65.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Nextracker from $68.00 to $64.00 and set an overweight rating for the company in a research note on Wednesday, May 15th. Barclays lowered their target price on Nextracker from $63.00 to $61.00 and set an equal weight rating on the stock in a research note on Tuesday. Scotiabank cut their price target on Nextracker from $55.00 to $50.00 and set a sector outperform rating for the company in a research note on Monday, April 29th. Bank of America boosted their price objective on Nextracker from $53.00 to $60.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Finally, Fox Advisors upgraded shares of Nextracker from an equal weight rating to an overweight rating and set a $60.00 target price for the company in a research note on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, Nextracker has a consensus rating of Moderate Buy and a consensus price target of $59.17.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $47.86 on Tuesday. 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 stock has a market cap of $6.95 billion, a PE ratio of 14.24 and a beta of 2.51. The stock’s fifty day simple moving average is $51.48 and its two-hundred day simple moving average is $51.18.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (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 business had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. As a group, analysts forecast that Nextracker will post 2.62 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Values First Advisors Inc. bought a new stake in Nextracker during the 2nd quarter valued at $266,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Nextracker by 38.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,664 shares of the company’s stock valued at $734,000 after purchasing an additional 4,350 shares during the period. LA Financiere DE L Echiquier purchased a new position in Nextracker during the 2nd quarter valued at about $1,561,000. Swedbank AB purchased a new stake in Nextracker in the 2nd quarter worth approximately $4,622,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in Nextracker in the 2nd quarter worth approximately $207,000. Institutional investors own 67.41% of the company’s stock.

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.