Nextracker (NASDAQ:NXT) Raised to “Strong-Buy” at BNP Paribas

Nextracker (NASDAQ:NXT) was upgraded by stock analysts at BNP Paribas to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Bank of America reduced their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Robert W. Baird reduced their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Susquehanna lifted their target price on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday. Finally, Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $47.00 to $60.00 in a report on Wednesday. Three 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Stock Performance

NASDAQ:NXT opened at $49.24 on Wednesday. The company has a market capitalization of $7.17 billion, a PE ratio of 12.28 and a beta of 2.04. The company has a 50 day simple moving average of $38.96 and a two-hundred day simple moving average of $38.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

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

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of large investors have recently added to or reduced their stakes in NXT. Geode Capital Management LLC boosted its holdings in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares during the period. Secure Asset Management LLC purchased a new position in shares of Nextracker in the 3rd quarter worth approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Nextracker by 30.7% in the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares during the period. Finally, Nordea Investment Management AB purchased a new position in shares of Nextracker in the 4th quarter worth approximately $5,734,000. Institutional investors 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.