The Goldman Sachs Group Boosts Nextracker (NASDAQ:NXT) Price Target to $61.00

Nextracker (NASDAQ:NXT) had its target price increased by stock analysts at The Goldman Sachs Group from $54.00 to $61.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 26.47% from the stock’s current price.

Several other research firms also recently commented on NXT. Wells Fargo & Company dropped their price objective on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Bank of America cut their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Citigroup dropped their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $47.00 to $60.00 in a research report on Wednesday. Finally, UBS Group boosted their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $56.23.

Nextracker Stock Performance

NXT stock traded up $8.61 during midday trading on Wednesday, hitting $48.23. The company’s stock had a trading volume of 5,868,132 shares, compared to its average volume of 3,041,456. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 12.05 and a beta of 2.04. The stock’s 50-day moving average price is $38.96 and its 200 day moving average price is $38.93. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. On average, equities analysts forecast that Nextracker will post 2.7 EPS for the current year.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the company. Renaissance Capital LLC lifted its holdings in shares of Nextracker by 3.5% in the 4th quarter. Renaissance Capital LLC now owns 159,779 shares of the company’s stock worth $5,837,000 after acquiring an additional 5,390 shares during the last quarter. North Point Portfolio Managers Corp OH raised its position in Nextracker by 56.7% in the 4th quarter. North Point Portfolio Managers Corp OH now owns 168,526 shares of the company’s stock worth $6,156,000 after purchasing an additional 60,970 shares during the period. Union Bancaire Privee UBP SA bought a new stake in Nextracker in the fourth quarter worth $177,000. Secure Asset Management LLC boosted its position in Nextracker by 14.8% during the fourth quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock valued at $1,532,000 after buying an additional 5,408 shares during the period. Finally, Whalen Wealth Management Inc. bought a new position in shares of Nextracker during the fourth quarter valued at about $450,000. 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 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.