Nextracker (NASDAQ:NXT) Upgraded by Jefferies Financial Group to “Buy” Rating

Jefferies Financial Group upgraded shares of Nextracker (NASDAQ:NXT) from a hold rating to a buy rating in a research report released on Wednesday, MarketBeat reports. They currently have $56.00 price target on the stock, up from their prior price target of $46.00.

Several other research firms have also recently weighed in on NXT. Northland Capmk raised Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. dropped their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Robert W. Baird reduced 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. Northland Securities reiterated an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research note on Wednesday. Finally, Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $47.00 to $60.00 in a research report on Wednesday. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Down 0.4 %

Nextracker stock opened at $50.42 on Wednesday. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a fifty day simple moving average of $39.46 and a two-hundred day simple moving average of $39.08. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm 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) last issued 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 return on equity of 43.83% and a net margin of 20.12%. Equities analysts predict that Nextracker will post 2.67 EPS for the current fiscal year.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were 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 $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its holdings in shares of Nextracker by 52.4% in the 4th 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. Principal Securities Inc. grew its position in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares in the last quarter. Quarry LP increased its stake 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 acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC raised 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 valued at $68,000 after purchasing an additional 516 shares during the period. Finally, HighTower Advisors LLC lifted its stake in shares of Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares during the last quarter. 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.