Northland Securities Reiterates Outperform Rating for Nextracker (NASDAQ:NXT)

Northland Securities restated their outperform rating on shares of Nextracker (NASDAQ:NXT) in a report released on Wednesday,Benzinga reports. They currently have a $55.00 price objective on the stock, up from their prior price objective of $48.00.

Several other research firms have also recently commented on NXT. The Goldman Sachs Group cut their target price on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Robert W. Baird cut their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Truist Financial upped their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. cut their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Price Performance

Shares of Nextracker stock opened at $49.24 on Wednesday. The firm has a fifty day simple moving average of $38.96 and a 200-day simple moving average of $38.93. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. On average, sell-side analysts expect that Nextracker will post 2.7 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds have recently modified their holdings of the company. Quarry LP lifted its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after buying an additional 519 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after buying an additional 549 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Nextracker by 37.8% during the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after buying an additional 560 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.