Nextracker (NASDAQ:NXT) Upgraded at BNP Paribas

BNP Paribas upgraded shares of Nextracker (NASDAQ:NXT) to a strong-buy rating in a report released on Wednesday,Zacks.com reports.

A number of other brokerages have also recently weighed in on NXT. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $47.00 to $60.00 in a report on Wednesday. Bank of America lowered their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Piper Sandler increased their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group boosted their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Citigroup reduced their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Price Performance

NXT stock opened at $50.42 on Wednesday. The firm has a 50 day simple moving average of $39.46 and a two-hundred day simple moving average of $39.08. The stock has a market cap of $7.34 billion, a PE ratio of 12.83 and a beta of 2.04. Nextracker has a one year low of $30.93 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 43.83%. On average, analysts predict that Nextracker will post 2.67 EPS for the current fiscal year.

Insider Activity at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, 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 disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.

Institutional Trading of Nextracker

A number of hedge funds have recently modified their holdings of NXT. Holocene Advisors LP purchased a new position in Nextracker during the 3rd quarter valued at about $45,416,000. Erste Asset Management GmbH purchased a new position in shares of Nextracker during the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after purchasing an additional 745,665 shares in the last quarter. State Street Corp boosted its position in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the last quarter. 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.