Nextracker (NASDAQ:NXT) Upgraded by Barclays to Overweight Rating

Barclays upgraded shares of Nextracker (NASDAQ:NXT) from an equal weight rating to an overweight rating in a research report released on Wednesday morning, MarketBeat reports. Barclays currently has $60.00 price objective on the stock, up from their prior price objective of $47.00.

Several other research analysts also recently commented on the company. TD Cowen assumed coverage on Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective on the stock. Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Piper Sandler lowered their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Robert W. Baird lowered their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. decreased their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Price Performance

NASDAQ:NXT opened at $49.24 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The business has a 50 day simple moving average of $38.96 and a 200-day simple moving average of $38.93. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Equities analysts forecast that Nextracker will post 2.7 EPS for the current year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the business’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 transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can lifted its holdings in Nextracker by 25.3% in the second quarter. Bank of Montreal Can now owns 52,428 shares of the company’s stock valued at $2,605,000 after acquiring an additional 10,589 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Nextracker by 20.6% in the second quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock valued at $2,348,000 after acquiring an additional 8,547 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Nextracker by 98.3% in the second quarter. The Manufacturers Life Insurance Company now owns 147,528 shares of the company’s stock valued at $6,916,000 after acquiring an additional 73,119 shares during the last quarter. Creative Planning lifted its holdings in Nextracker by 23.7% in the second quarter. Creative Planning now owns 30,317 shares of the company’s stock valued at $1,421,000 after acquiring an additional 5,810 shares during the last quarter. Finally, Truist Financial Corp lifted its holdings in Nextracker by 67.1% in the second quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock valued at $526,000 after acquiring an additional 4,507 shares during the last quarter. 67.41% of the stock is currently 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.