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

Royal Bank of Canada initiated coverage on shares of Nextracker (NASDAQ:NXT) in a report released on Monday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $55.00 price target on the stock. Royal Bank of Canada’s target price points to a potential upside of 24.13% from the company’s previous close.

NXT has been the subject of a number of other research reports. Wells Fargo & Company cut their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Piper Sandler raised their target price on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group raised their price objective on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $44.31 on Monday. The business’s 50-day simple moving average is $44.72 and its 200-day simple moving average is $39.60. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 11.27 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last announced 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 return on equity of 41.22% and a net margin of 20.12%. As a group, equities research analysts expect that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the business’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 transaction of $272,970.00. Following the completion of the transaction, the president now 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after buying an additional 243,635 shares during the period. State Street Corp boosted its stake in 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 acquiring an additional 690,343 shares during the last quarter. Invesco Ltd. grew its holdings in Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the period. Geode Capital Management LLC raised its position in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of 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 acquiring 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.