Susquehanna Boosts Nextracker (NASDAQ:NXT) Price Target to $54.00

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

NXT has been the topic of a number of other research reports. Robert W. Baird lowered their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. JPMorgan Chase & Co. upped their target price on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday. TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price for the company. Piper Sandler upped their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $47.00 to $60.00 in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.59.

Nextracker Stock Performance

Shares of Nextracker stock traded up $9.28 during trading on Wednesday, hitting $48.90. 4,890,114 shares of the company’s stock traded hands, compared to its average volume of 3,002,087. The business has a 50-day simple moving average of $38.96 and a 200-day simple moving average of $38.93. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market capitalization of $7.12 billion, a P/E ratio of 12.19 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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%. As a group, analysts forecast that Nextracker will post 2.7 EPS for the current year.

Insiders Place Their Bets

In related news, President Howard Wenger sold 6,066 shares of the 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 transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 company. Holocene Advisors LP purchased a new stake in shares of Nextracker in the third quarter valued at about $45,416,000. Erste Asset Management GmbH acquired a new position in Nextracker during the third quarter worth $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after buying an additional 745,665 shares in the last quarter. State Street Corp grew its position in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares during the last quarter. 67.41% of the stock is 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.