Nextracker (NASDAQ:NXT) Raised to “Overweight” at Barclays

Nextracker (NASDAQ:NXT) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Wednesday, Marketbeat reports. The firm presently has a $60.00 target price on the stock, up from their previous target price of $47.00. Barclays‘s price target suggests a potential upside of 51.44% from the company’s previous close.

NXT has been the subject of several other research reports. BMO Capital Markets reduced their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Robert W. Baird decreased their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. The Goldman Sachs Group lowered their price objective on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Citigroup reduced their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.71.

Nextracker Stock Down 0.0 %

NASDAQ NXT opened at $39.62 on Wednesday. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market capitalization of $5.77 billion, a P/E ratio of 9.88 and a beta of 2.04. The company’s 50 day simple moving average is $38.90 and its 200 day simple moving average is $39.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Equities research analysts expect that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of Nextracker 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 completion of the transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextracker

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP grew its stake in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. HighTower Advisors LLC boosted its position in 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 buying an additional 519 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after buying an additional 549 shares during the period. Finally, Signaturefd LLC raised its position in shares of Nextracker by 37.8% during the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after acquiring an additional 560 shares during 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.