Nextracker (NASDAQ:NXT) Upgraded at Jefferies Financial Group

Nextracker (NASDAQ:NXT) was upgraded by stock analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a report released on Wednesday,Briefing.com Automated Import reports. The firm presently has a $56.00 price objective on the stock. Jefferies Financial Group’s price target indicates a potential upside of 41.34% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Citigroup decreased their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. The Goldman Sachs Group decreased their price target on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Bank of America dropped their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average price target of $54.76.

Nextracker Trading Down 0.0 %

NASDAQ:NXT opened at $39.62 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The firm’s fifty day moving average is $38.96 and its 200-day moving average is $38.93. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a market cap of $5.77 billion, a P/E ratio of 9.88 and a beta of 2.04.

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

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the 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 completion of the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP lifted its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC increased its stake in Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Nextracker in the 3rd quarter worth about $74,000. Finally, Arcadia Investment Management Corp MI bought a new stake in Nextracker during the 3rd quarter valued at about $75,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.