Nextracker (NASDAQ:NXT) Given New $54.00 Price Target at Susquehanna

Nextracker (NASDAQ:NXT) had its price objective upped by equities research analysts at Susquehanna from $50.00 to $54.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s target price suggests a potential upside of 10.44% from the stock’s current price.

A number of other research firms have also commented on NXT. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Wednesday. Truist Financial restated a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research note on Wednesday. Bank of America decreased their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets reduced their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.59.

Nextracker Price Performance

Shares of NXT stock traded up $9.28 during trading hours on Wednesday, hitting $48.90. The company had a trading volume of 4,890,114 shares, compared to its average volume of 3,002,087. The firm’s fifty day moving average is $38.96 and its 200 day moving average is $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 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 12.19 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. On average, sell-side analysts predict that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was 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 directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextracker

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Secure Asset Management LLC bought a new position in shares of Nextracker in the third quarter worth approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Nextracker by 33.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after acquiring an additional 307,956 shares during the last quarter. Van ECK Associates Corp lifted its position in 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 buying an additional 14,249 shares during the last quarter. Finally, Nordea Investment Management AB bought a new position in shares of Nextracker during the 4th quarter valued at $5,734,000. Hedge funds and other 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.