Nextracker Sees Unusually Large Options Volume (NASDAQ:NXT)

Nextracker Inc. (NASDAQ:NXT - Get Free Report) saw some unusual options trading on Monday. Traders purchased 8,097 call options on the stock. This is an increase of approximately 134% compared to the typical volume of 3,461 call options.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently added to or reduced their stakes in NXT. GAMMA Investing LLC boosted its holdings in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company's stock worth $31,000 after purchasing an additional 279 shares during the last quarter. TFC Financial Management Inc. purchased a new stake in Nextracker in the 2nd quarter worth approximately $32,000. Fifth Third Bancorp increased its holdings in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company's stock worth $32,000 after acquiring an additional 641 shares in the last quarter. Rothschild Investment LLC bought a new stake in Nextracker during the 2nd quarter worth approximately $35,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in Nextracker during the first quarter valued at approximately $44,000. 67.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NXT has been the topic of a number of research analyst reports. Roth Mkm reduced their target price on Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Bank of America boosted their target price on Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, July 17th. Barclays reduced their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 3rd. BMO Capital Markets cut their target price on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a report on Monday, October 14th. Finally, Robert W. Baird lowered their price target on shares of Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a report on Thursday. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.65.

Nextracker Stock Up 5.9 %

Shares of Nextracker stock traded up $2.35 during trading on Monday, hitting $41.96. The company's stock had a trading volume of 4,757,834 shares, compared to its average volume of 3,757,023. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.91 and a current ratio of 2.21. The company has a fifty day simple moving average of $36.10 and a two-hundred day simple moving average of $43.59. The company has a market capitalization of $6.10 billion, a PE ratio of 10.63 and a beta of 2.32.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period last year, the business earned $0.48 earnings per share. The business's revenue was up 50.1% on a year-over-year basis. Equities research analysts predict that Nextracker will post 2.52 earnings per share for the current year.

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.