JPMorgan Chase & Co. Boosts Nextracker (NASDAQ:NXT) Price Target to $61.00

Nextracker (NASDAQ:NXT) had its price objective lifted by JPMorgan Chase & Co. from $58.00 to $61.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also issued reports on NXT. TD Cowen started coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Truist Financial reaffirmed a “buy” rating and issued a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a research report on Wednesday. Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Northland Securities restated an “outperform” rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a report on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Performance

NASDAQ NXT opened at $49.24 on Wednesday. The business’s 50 day moving average price is $38.96 and its 200-day moving average price is $38.93. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market cap of $7.17 billion, a P/E ratio of 12.28 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. Sell-side analysts predict that Nextracker will post 2.7 earnings per share for the current year.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker 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 transaction, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP grew its stake in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the last quarter. GAMMA Investing LLC increased 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 valued at $45,000 after acquiring an additional 549 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Nextracker in the 3rd quarter valued at approximately $74,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in Nextracker in the 3rd quarter worth approximately $75,000. Hedge funds and other 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.