Nextracker Inc. (NASDAQ:NXT) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twenty-five brokerages that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $56.43.

A number of research analysts recently issued reports on the stock. BMO Capital Markets boosted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Wednesday, January 29th. Susquehanna upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research report on Wednesday, January 29th. UBS Group lifted their target price on Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. 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, January 29th. Finally, Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and lifted their price objective for the company from $46.00 to $56.00 in a report on Wednesday, January 29th.

Nextracker Stock Up 2.1 %

NASDAQ:NXT opened at $45.20 on Tuesday. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The stock's fifty day simple moving average is $45.08 and its 200-day simple moving average is $39.87. The firm has a market capitalization of $6.58 billion, a P/E ratio of 11.50 and a beta of 2.24.

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Nextracker (NASDAQ:NXT - Get Free Report) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Equities research analysts expect that Nextracker will post 3.29 earnings per share for the current year.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now directly owns 209,365 shares of the company's stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the transaction, the insider now directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,758 shares of company stock valued at $1,217,520. 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 the business. Allworth Financial LP increased its holdings in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after acquiring an additional 276 shares during the last quarter. Quarry LP raised its position in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after purchasing an additional 426 shares during the period. Sterling Capital Management LLC lifted its stake in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker during the 4th quarter worth about $47,000. Finally, Millstone Evans Group LLC acquired a new position in Nextracker in the 4th quarter valued at about $48,000. 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.

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