Nextracker (NASDAQ:NXT) Trading 5.9% Higher – Here’s Why

Nextracker Inc. (NASDAQ:NXT)’s share price shot up 5.9% on Tuesday . The stock traded as high as $44.45 and last traded at $44.18. 527,854 shares changed hands during trading, a decline of 83% from the average session volume of 3,104,867 shares. The stock had previously closed at $41.71.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. TD Cowen started coverage on Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Guggenheim increased their price objective on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Piper Sandler upped their target price on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Up 5.8 %

The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market cap of $6.42 billion, a PE ratio of 11.24 and a beta of 2.24. The firm’s fifty day simple moving average is $44.19 and its 200-day simple moving average is $39.51.

Nextracker (NASDAQ:NXT) last announced its 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 20.12% and a return on equity of 41.22%. As a group, equities research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 in the last three months. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of NXT. IFP Advisors Inc raised its holdings in Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after acquiring an additional 2,768 shares during the period. Robeco Schweiz AG purchased a new stake in shares of Nextracker in the fourth quarter valued at about $22,112,000. Geode Capital Management LLC increased its position in shares of Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after purchasing an additional 185,858 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after buying an additional 307,956 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.