Susquehanna Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target lifted by Susquehanna from $54.00 to $66.00 in a research note released on Thursday,Benzinga reports. They currently have a positive rating on the stock.

Several other research analysts have also commented on the company. Robert W. Baird dropped their price target on Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Guggenheim cut Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday. Bank of America increased their price target on Nextracker from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday. Barclays dropped their price objective on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Finally, Royal Bank of Canada initiated coverage on shares of Nextracker in a research note on Monday, March 17th. They issued an “outperform” rating and a $55.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $61.59 on Thursday. The firm has a fifty day simple moving average of $43.15 and a two-hundred day simple moving average of $41.83. Nextracker has a 52 week low of $30.93 and a 52 week high of $63.19. 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 stock has a market capitalization of $8.97 billion, a P/E ratio of 15.67 and a beta of 2.03.

Insider Activity

In other news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the transaction, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now owns 219,389 shares of the company’s stock, valued at $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in shares of Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after buying an additional 577 shares during the last quarter. Allworth Financial LP grew its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Summit Securities Group LLC increased its position in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after acquiring an additional 804 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the first quarter worth about $40,000. Finally, Sterling Capital Management LLC boosted its holdings in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after acquiring an additional 1,055 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.