Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, UBS Group Analyst Says

Nextracker (NASDAQ:NXTGet Free Report) had its target price hoisted by stock analysts at UBS Group from $60.00 to $66.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price objective would suggest a potential upside of 30.36% from the stock’s current price.

NXT has been the topic of a number of other reports. Bank of America lowered their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. 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. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Guggenheim reiterated a “buy” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. Finally, Citigroup cut their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Read Our Latest Analysis on Nextracker

Nextracker Price Performance

Shares of NXT opened at $50.63 on Wednesday. The business’s 50-day moving average is $39.20 and its two-hundred day moving average is $39.00. The company has a market capitalization of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. 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 (NASDAQ:NXTGet Free Report) last posted its 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 return on equity of 559.17% and a net margin of 17.26%. Research analysts predict that Nextracker will post 2.7 earnings per share for the current year.

Insiders Place Their Bets

In related 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Large investors have recently modified their holdings of the business. Allworth Financial LP raised its holdings in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the period. Quarry LP increased its position in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after acquiring an additional 549 shares during the period. Principal Securities Inc. lifted its holdings in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Nextracker by 38.4% during the 4th 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 period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Nextracker (NASDAQ:NXT)

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