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Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, UBS Group Analyst Says

Nextracker logo with Oils/Energy background

Nextracker (NASDAQ:NXT - Free Report) had its price target increased by UBS Group from $60.00 to $66.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also commented on NXT. Northland Securities reaffirmed an "outperform" rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday. Guggenheim reaffirmed a "buy" rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. Wells Fargo & Company lowered their price objective on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Susquehanna dropped their price objective on Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a research note on Wednesday, October 16th. Finally, TD Cowen initiated coverage on Nextracker in a research note on Thursday, December 19th. They set a "hold" rating and a $41.00 target price for the company. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.50.

Read Our Latest Report on NXT

Nextracker Trading Down 0.4 %

Shares of NXT stock traded down $0.21 during mid-day trading on Wednesday, reaching $50.42. 2,389,629 shares of the stock traded hands, compared to its average volume of 3,060,826. The stock's fifty day simple moving average is $39.69 and its two-hundred day simple moving average is $39.04. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market cap of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04.

Nextracker (NASDAQ:NXT - Get Free Report) last posted 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 net margin of 20.12% and a return on equity of 43.83%. On average, research analysts anticipate that Nextracker will post 2.67 EPS for the current fiscal year.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the last quarter. Quarry LP increased its holdings in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC raised its stake in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock valued at $45,000 after acquiring an additional 549 shares during the period. Principal Securities Inc. lifted its holdings in Nextracker by 41.8% during 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. Finally, Nisa Investment Advisors LLC boosted its position in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after purchasing an additional 516 shares during the period. Institutional investors own 67.41% of the company's stock.

About Nextracker

(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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