Nextracker (NASDAQ:NXT) Stock Rating Upgraded by BNP Paribas

BNP Paribas upgraded shares of Nextracker (NASDAQ:NXT - Free Report) to a strong-buy rating in a research report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Robert W. Baird dropped their price target on shares of Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. Bank of America cut their target price on Nextracker from $65.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Citigroup lowered their price target on Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, January 8th. Truist Financial reiterated a "buy" rating and issued a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a report on Wednesday. Finally, BMO Capital Markets raised their target price on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Wednesday. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $56.50.

Nextracker Price Performance

Shares of NXT traded up $1.41 during trading hours on Wednesday, hitting $50.65. 3,813,215 shares of the stock were exchanged, compared to its average volume of 3,406,431. The stock's 50-day moving average price is $39.20 and its two-hundred day moving average price is $39.00. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 12.63 and a beta of 2.04.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. Research analysts expect that Nextracker will post 2.7 earnings per share for the current year.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now owns 209,365 shares of the company's stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Nextracker

Large investors have recently made changes to their positions in the stock. Quarry LP boosted its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC raised its position in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock worth $45,000 after acquiring an additional 549 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Nextracker during the third quarter worth $74,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Nextracker in the third quarter valued at $75,000. 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.