Nextracker Inc. (NASDAQ:NXT) Given Average Rating of "Moderate Buy" by Analysts

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twenty-five analysts that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $56.43.

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group upped their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Guggenheim upped their price objective on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. BMO Capital Markets increased their price objective on Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. Citigroup dropped their target price on Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. Finally, Royal Bank of Canada assumed coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective on the stock.

Insider Activity at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of the 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 sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,758 shares of company stock valued at $1,217,520. Insiders own 0.27% of the company's stock.

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Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NXT. Allworth Financial LP boosted its stake 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 purchasing an additional 276 shares during the last quarter. Quarry LP raised its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after acquiring an additional 426 shares during the period. Sterling Capital Management LLC lifted its holdings 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 valued at $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new stake in Nextracker during the 4th quarter worth $47,000. Finally, Millstone Evans Group LLC acquired a new stake in Nextracker in the 4th quarter valued at $48,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Performance

NASDAQ:NXT traded up $0.40 during mid-day trading on Tuesday, reaching $43.15. 1,402,667 shares of the stock were exchanged, compared to its average volume of 3,091,222. The stock has a market capitalization of $6.28 billion, a P/E ratio of 10.98 and a beta of 2.24. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a 50 day simple moving average of $45.09 and a 200-day simple moving average of $40.05. 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 (NASDAQ:NXT - Get Free Report) last announced 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 net margin of 20.12% and a return on equity of 41.22%. Analysts anticipate that Nextracker will post 3.29 earnings per share for the current fiscal 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.