Nextracker (NASDAQ:NXT) Shares Gap Up - Here's What Happened

Nextracker Inc. (NASDAQ:NXT - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $31.97, but opened at $38.88. Nextracker shares last traded at $37.83, with a volume of 3,498,804 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NXT. JPMorgan Chase & Co. decreased their price target 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. Susquehanna reduced their price objective on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating for the company in a research note on Wednesday, October 16th. BMO Capital Markets lowered their target price on Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a research report on Monday, October 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Finally, Jefferies Financial Group began coverage on shares of Nextracker in a research note on Wednesday, September 4th. They issued a "hold" rating and a $46.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.45.

Nextracker Stock Up 24.6 %

The stock has a 50 day moving average price of $36.14 and a 200 day moving average price of $43.66. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 10.56 and a beta of 2.47.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. During the same period last year, the company earned $0.48 EPS. The firm's revenue was up 50.1% compared to the same quarter last year. As a group, analysts forecast that Nextracker Inc. will post 2.52 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NXT. Amalgamated Bank raised its position in shares of Nextracker by 10.7% during the third quarter. Amalgamated Bank now owns 65,762 shares of the company's stock worth $2,465,000 after acquiring an additional 6,344 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Nextracker by 30.7% in the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company's stock worth $2,272,000 after purchasing an additional 14,249 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Nextracker by 111.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 75,032 shares of the company's stock valued at $2,812,000 after purchasing an additional 39,567 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Nextracker during the third quarter worth $75,000. Finally, Greenwich Wealth Management LLC boosted its position in Nextracker by 12.5% during the third quarter. Greenwich Wealth Management LLC now owns 9,499 shares of the company's stock valued at $356,000 after acquiring an additional 1,054 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

About Nextracker

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.