Nextracker Inc. (NASDAQ:NXT) Receives $55.48 Consensus Target Price from Analysts

Nextracker Inc. (NASDAQ:NXT - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty-three research firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $55.43.

Several analysts have weighed in on the company. BMO Capital Markets boosted their price objective on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, January 29th. Robert W. Baird lowered their price objective on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company cut their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. BNP Paribas raised Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. raised their price target on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th.

Nextracker Stock Performance

Nextracker stock traded up $2.30 during midday trading on Friday, reaching $42.43. The stock had a trading volume of 502,218 shares, compared to its average volume of 2,980,326. The firm has a market capitalization of $6.18 billion, a PE ratio of 10.75 and a beta of 2.02. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm's 50-day moving average price is $42.85 and its 200 day moving average price is $40.46.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, research analysts predict that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently bought and sold shares of the company. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Sterling Capital Management LLC boosted 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 purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at about $47,000. Millstone Evans Group LLC purchased a new position in Nextracker in the 4th quarter worth approximately $48,000. Finally, Principal Securities Inc. increased its holdings in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after purchasing an additional 410 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.