Nextracker Inc. (NASDAQ:NXT) Receives $56.50 Consensus Target Price from Analysts

Nextracker Inc. (NASDAQ:NXT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the twenty-four ratings firms that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, nineteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $56.50.

NXT has been the subject of several recent analyst reports. Piper Sandler boosted their target price on Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. BMO Capital Markets lifted their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, January 29th. Truist Financial reissued a "buy" rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Northland Securities restated an "outperform" rating and set a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Susquehanna upped their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research report on Wednesday, January 29th.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

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Institutional Trading of Nextracker

Several hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its stake in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the period. Quarry LP increased its stake in 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 last quarter. Sterling Capital Management LLC raised its stake in 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 acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of Nextracker in the 4th quarter valued at about $47,000. Finally, Millstone Evans Group LLC purchased a new position in shares of Nextracker during the fourth quarter worth approximately $48,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Down 3.6 %

Nextracker stock traded down $1.58 during trading on Friday, hitting $42.44. 1,364,479 shares of the company were exchanged, compared to its average volume of 2,945,246. The business's 50 day moving average is $43.53 and its 200 day moving average is $39.40. The company has a market capitalization of $6.18 billion, a P/E ratio of 10.81 and a beta of 2.14. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last released 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%. Analysts predict that Nextracker will post 3.29 earnings per share for the current year.

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.