Nextracker Inc. (NASDAQ:NXT - Get Free Report) was the target of some unusual options trading activity on Wednesday. Stock investors bought 6,818 call options on the company. This is an increase of approximately 92% compared to the average volume of 3,544 call options.
Wall Street Analyst Weigh In
NXT has been the subject of a number of research analyst reports. Piper Sandler lifted their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Wednesday. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and set a $56.00 price target on the stock in a research note on Wednesday. The Goldman Sachs Group decreased their price objective on Nextracker from $63.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, December 17th. TD Cowen started coverage on Nextracker in a research note on Thursday, December 19th. They set a "hold" rating and a $41.00 target price on the stock. Finally, Barclays raised Nextracker from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $47.00 to $60.00 in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and an average price target of $55.59.
Get Our Latest Analysis on NXT
Nextracker Stock Performance
Shares of NXT traded up $8.49 during trading hours on Wednesday, reaching $48.11. 5,268,759 shares of the company traded hands, compared to its average volume of 3,021,534. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market cap of $7.00 billion, a P/E ratio of 12.03 and a beta of 2.04. The stock's fifty day moving average is $38.96 and its 200 day moving average is $38.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.
Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Equities research analysts anticipate that Nextracker will post 2.7 earnings per share for the current fiscal year.
Insider Activity
In other Nextracker news, President Howard Wenger sold 6,066 shares of the company's 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 completion of the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.27% of the company's stock.
Institutional Trading of Nextracker
Several hedge funds have recently modified their holdings of NXT. Quarry LP lifted its position in shares of 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 boosted its position in shares of 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 purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after buying an additional 516 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Nextracker in the 3rd quarter valued at $74,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in Nextracker during the 3rd quarter worth $75,000. Institutional investors and hedge funds own 67.41% of the company's stock.
Nextracker Company Profile
(
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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