Nextracker (NASDAQ:NXT) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Nextracker (NASDAQ:NXT) in a report released on Monday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $55.00 price target on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 24.13% from the company’s current price.

Several other equities research analysts have also issued reports on the company. The Goldman Sachs Group upped their price target on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Susquehanna raised their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research report on Wednesday, January 29th. Guggenheim increased their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group lifted their target price on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company lowered their price objective on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.43.

Nextracker Trading Down 1.9 %

NXT opened at $44.31 on Monday. The stock has a market capitalization of $6.45 billion, a PE ratio of 11.27 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The firm’s fifty day moving average price is $44.72 and its 200 day moving average price is $39.60.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results 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 20.12% and a return on equity of 41.22%. As a group, research analysts expect that Nextracker will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction 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 transaction, the president now directly owns 209,365 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 in the last three months. 0.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextracker

Several institutional investors have recently made changes to their positions in NXT. Norges Bank acquired a new stake in Nextracker during the fourth quarter valued at $106,166,000. Encompass Capital Advisors LLC acquired a new stake in shares of Nextracker during the 4th quarter valued at about $55,690,000. Invesco Ltd. grew its stake in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after buying an additional 1,329,456 shares in the last quarter. Holocene Advisors LP acquired a new position in Nextracker in the third quarter worth approximately $45,416,000. Finally, Erste Asset Management GmbH acquired a new position in Nextracker in the third quarter worth approximately $33,545,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.