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

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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.

Read Our Latest Stock Analysis on NXT

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

(Get Free Report

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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