Nextracker (NASDAQ:NXT) Coverage Initiated at Royal Bank of Canada

Investment analysts at Royal Bank of Canada began coverage on shares of Nextracker (NASDAQ:NXT - Get Free Report) in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage set an "outperform" rating and a $55.00 price target on the stock. Royal Bank of Canada's price objective indicates a potential upside of 24.24% from the company's previous close.

NXT has been the topic of a number of other reports. Guggenheim boosted their price target on shares of Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Northland Capmk raised shares of Nextracker to a "strong-buy" rating in a research report on Tuesday, November 19th. Wells Fargo & Company decreased their price target on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. upped their price objective on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Finally, Piper Sandler raised 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. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.43.

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Nextracker Stock Down 1.6 %

NXT stock traded down $0.70 during trading on Monday, reaching $44.27. The stock had a trading volume of 3,499,002 shares, compared to its average volume of 3,040,236. Nextracker has a one year low of $30.93 and a one year high of $62.31. The company's 50 day moving average is $44.93 and its two-hundred day moving average is $39.74. 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 company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 11.26 and a beta of 2.24.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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 forecast that Nextracker will post 3.29 EPS for the current year.

Insider Buying and Selling at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company's stock, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 over the last three months. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Nextracker in the fourth quarter worth about $106,166,000. Encompass Capital Advisors LLC bought a new position in Nextracker in the 4th quarter worth about $55,690,000. Invesco Ltd. lifted its holdings in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after buying an additional 1,329,456 shares during the period. Holocene Advisors LP bought a new position in Nextracker during the 3rd quarter worth about $45,416,000. Finally, Erste Asset Management GmbH purchased a new stake in Nextracker during the third quarter worth $33,545,000. Hedge funds and other 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.