Truist Financial Lowers Nextracker (NASDAQ:NXT) Price Target to $52.00

Nextracker (NASDAQ:NXT - Free Report) had its target price decreased by Truist Financial from $56.00 to $52.00 in a research note issued to investors on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research firms have also issued reports on NXT. Susquehanna lifted their target price on Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research note on Wednesday, January 29th. Guggenheim increased their target price on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. upped their price target on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. TD Cowen started coverage on Nextracker in a research report on Thursday, December 19th. They issued a "hold" rating and a $41.00 price objective for the company. Finally, BNP Paribas raised Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and an average price target of $55.48.

Nextracker Trading Up 1.5 %

NASDAQ NXT traded up $0.58 during trading on Thursday, hitting $40.30. The stock had a trading volume of 1,220,198 shares, compared to its average volume of 3,003,428. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 10.25 and a beta of 2.02. The stock has a 50 day simple moving average of $43.22 and a 200 day simple moving average of $40.42. Nextracker has a one year low of $30.93 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. Sell-side analysts predict that Nextracker will post 3.29 earnings per share for the current year.

Insider Buying and Selling at Nextracker

In other Nextracker 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 approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Shell Asset Management Co. raised its position in shares of Nextracker by 0.4% in the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after buying an additional 228 shares during the last quarter. Fifth Third Bancorp lifted its stake in Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares in the last quarter. Allworth Financial LP boosted its holdings 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. Signaturefd LLC grew its position in shares of Nextracker by 14.7% in the fourth quarter. Signaturefd LLC now owns 2,344 shares of the company's stock valued at $86,000 after purchasing an additional 301 shares in the last quarter. 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 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.