Nextracker (NASDAQ:NXT) Price Target Raised to $55.00

Nextracker (NASDAQ:NXT) had its target price lifted by TD Cowen from $47.00 to $55.00 in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. TD Cowen currently has a hold rating on the stock.

A number of other research analysts have also weighed in on NXT. Truist Financial decreased their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. raised their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Robert W. Baird decreased their price objective on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group raised their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Finally, UBS Group raised their price objective on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.90.

Nextracker Trading Down 3.7%

Shares of NASDAQ:NXT opened at $59.31 on Thursday. Nextracker has a 1 year low of $30.93 and a 1 year high of $63.19. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The business’s 50 day moving average price is $43.44 and its 200-day moving average price is $42.08.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the sale, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now directly owns 219,389 shares of the company’s stock, valued at $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,320 shares of company stock valued at $2,524,532. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of NXT. IFP Advisors Inc grew its position in Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after acquiring an additional 2,768 shares in the last quarter. Robeco Schweiz AG acquired a new position in Nextracker in the 4th quarter valued at about $22,112,000. New York State Common Retirement Fund grew its position in Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after acquiring an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after acquiring an additional 161,873 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in Nextracker by 115.1% in the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock valued at $482,000 after acquiring an additional 7,056 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.