Nextracker Inc. (NASDAQ:NXT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have been assigned a consensus rating of “Moderate Buy” from the twenty-three research firms that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and nineteen have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $58.17.

Several equities research analysts have recently weighed in on the stock. Guggenheim lowered their price target on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. Truist Financial increased their target price on shares of Nextracker from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Wells Fargo & Company increased their target price on shares of Nextracker from $57.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. The Goldman Sachs Group increased their target price on shares of Nextracker from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Finally, Roth Mkm increased their target price on shares of Nextracker from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 1st.

Nextracker Stock Performance

Shares of NXT opened at $46.10 on Friday. The company has a 50 day moving average price of $52.84 and a 200-day moving average price of $47.03. Nextracker has a fifty-two week low of $29.56 and a fifty-two week high of $62.14. The stock has a market capitalization of $6.29 billion, a PE ratio of 24.65, a PEG ratio of 0.38 and a beta of 2.42.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.51. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The firm had revenue of $710.43 million during the quarter, compared to analysts’ expectations of $615.53 million. Equities research analysts forecast that Nextracker will post 2.34 EPS for the current year.

Insider Transactions at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Nextracker during the first quarter valued at $25,000. Lindbrook Capital LLC purchased a new position in Nextracker during the first quarter valued at $34,000. Bruce G. Allen Investments LLC purchased a new position in Nextracker during the first quarter valued at $37,000. Toth Financial Advisory Corp purchased a new position in Nextracker during the first quarter valued at $38,000. Finally, Tucker Asset Management LLC purchased a new position in Nextracker during the third quarter valued at $42,000. Institutional investors and hedge funds 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.