Nextracker (NASDAQ:NXT) Announces Earnings Results

Nextracker (NASDAQ:NXT) posted its earnings results on Tuesday. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31, Zacks reports. Nextracker had a net margin of 17.26% and a return on equity of 559.17%.

Nextracker Trading Down 0.0 %

Shares of Nextracker stock traded down $0.01 during trading on Tuesday, reaching $39.62. 4,655,819 shares of the stock were exchanged, compared to its average volume of 2,888,277. The stock’s fifty day moving average is $38.90 and its 200 day moving average is $39.02. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 9.88 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were 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 owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of research analyst reports. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Piper Sandler reduced their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Citigroup reduced their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Truist Financial upped their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company lowered their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.10.

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.