Piper Sandler Forecasts Strong Price Appreciation for Nextracker (NASDAQ:NXT) Stock

Nextracker (NASDAQ:NXT) had its price target upped by Piper Sandler from $47.00 to $50.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research firms also recently commented on NXT. Citigroup decreased their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. BMO Capital Markets decreased their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Guggenheim reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group dropped their price target on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Performance

NASDAQ NXT opened at $49.24 on Wednesday. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.28 and a beta of 2.04. The business’s 50 day moving average is $38.96 and its two-hundred day moving average is $38.93. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. Research analysts expect that Nextracker will post 2.7 EPS for the current year.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction 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 completion of the sale, the president now directly 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 filing with the SEC, which is available at this link. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently added to or reduced their stakes in NXT. Renaissance Capital LLC lifted its stake in shares of Nextracker by 3.5% in the 4th quarter. Renaissance Capital LLC now owns 159,779 shares of the company’s stock valued at $5,837,000 after purchasing an additional 5,390 shares in the last quarter. North Point Portfolio Managers Corp OH raised its holdings in Nextracker by 56.7% in the fourth quarter. North Point Portfolio Managers Corp OH now owns 168,526 shares of the company’s stock valued at $6,156,000 after buying an additional 60,970 shares during the period. Union Bancaire Privee UBP SA acquired a new position in Nextracker during the fourth quarter valued at approximately $177,000. Secure Asset Management LLC grew its stake in Nextracker by 14.8% during the fourth quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock worth $1,532,000 after buying an additional 5,408 shares during the period. Finally, Whalen Wealth Management Inc. acquired a new stake in shares of Nextracker in the fourth quarter worth $450,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.