Nextracker (NASDAQ:NXT) Shares Up 5.9% – Here’s Why

Nextracker Inc. (NASDAQ:NXT) rose 5.9% on Tuesday . The stock traded as high as $44.45 and last traded at $44.18. Approximately 527,854 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,104,867 shares. The stock had previously closed at $41.71.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. TD Cowen started coverage on shares of Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Citigroup decreased their price target 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. Wells Fargo & Company lowered their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Piper Sandler increased their price objective on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Performance

The firm has a fifty day simple moving average of $44.51 and a 200-day simple moving average of $39.57. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market cap of $6.47 billion, a PE ratio of 11.47 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, research analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction 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 sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 over the last ninety days. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Neo Ivy Capital Management increased its holdings in Nextracker by 175.9% during the 4th quarter. Neo Ivy Capital Management now owns 5,424 shares of the company’s stock valued at $198,000 after acquiring an additional 3,458 shares in the last quarter. Vise Technologies Inc. acquired a new position in shares of Nextracker during the 4th quarter worth approximately $271,000. CSS LLC IL purchased a new stake in Nextracker in the 4th quarter valued at approximately $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Nextracker by 5.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,648 shares of the company’s stock valued at $13,357,000 after buying an additional 20,430 shares during the last quarter. Finally, Sourcerock Group LLC purchased a new position in Nextracker during the fourth quarter worth $18,651,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.