Nextracker Inc. (NASDAQ:NXT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have received a consensus recommendation of “Moderate Buy” from the twenty-two analysts that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $59.41.

NXT has been the subject of several recent research reports. Guggenheim initiated coverage on shares of Nextracker in a report on Thursday, February 8th. They set a “buy” rating and a $73.00 target price for the company. Cantor Fitzgerald raised their price target on shares of Nextracker from $52.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. The Goldman Sachs Group raised their price target 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. Bank of America raised their price target on shares of Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Finally, Wells Fargo & Company raised their price target 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.

Insider Buying and Selling

In related news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now directly 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 is accessible through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently bought and sold shares of the company. Bruce G. Allen Investments LLC purchased a new position in Nextracker during the first quarter worth about $37,000. C M Bidwell & Associates Ltd. purchased a new position in Nextracker during the second quarter worth about $34,000. Wahed Invest LLC purchased a new position in Nextracker during the fourth quarter worth about $43,000. Tucker Asset Management LLC purchased a new position in Nextracker during the third quarter worth about $42,000. Finally, Atlas Capital Advisors LLC purchased a new position in Nextracker during the fourth quarter worth about $51,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of Nextracker stock opened at $44.83 on Tuesday. The firm has a fifty day moving average price of $56.63 and a 200 day moving average price of $46.48. Nextracker has a 1 year low of $29.28 and a 1 year high of $62.14. The stock has a market cap of $6.12 billion, a PE ratio of 23.97, a price-to-earnings-growth ratio of 0.40 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last issued its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) 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. As a group, equities analysts expect that Nextracker will post 2.35 EPS for the current year.

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.