Nextracker (NASDAQ:NXT) Coverage Initiated at Susquehanna

Stock analysts at Susquehanna initiated coverage on shares of Nextracker (NASDAQ:NXT) in a research report issued on Friday, Marketbeat Ratings reports. The brokerage set a “positive” rating and a $59.00 price target on the stock. Susquehanna’s target price would indicate a potential upside of 25.85% from the stock’s current price.

Several other brokerages also recently issued reports on NXT. Piper Sandler decreased their target price on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Guggenheim decreased their target price on Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, April 23rd. Roth Mkm reissued a “buy” rating and set a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Scotiabank decreased their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a research note on Monday, April 29th. Finally, Northland Securities downgraded Nextracker from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $60.00 to $44.00 in a research note on Friday, April 26th. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average price target of $58.54.

Nextracker Stock Down 4.6 %

NASDAQ NXT opened at $46.88 on Friday. The stock’s 50-day moving average price is $50.32 and its 200-day moving average price is $51.15. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. Nextracker has a 52 week low of $32.14 and a 52 week high of $62.31. The company has a market capitalization of $6.80 billion, a P/E ratio of 13.95 and a beta of 2.66.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The firm had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. On average, equities research analysts predict that Nextracker will post 2.23 earnings per share for the current year.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,639 shares of company stock worth $1,084,460. 0.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently bought and sold shares of NXT. Van ECK Associates Corp bought a new stake in Nextracker during the 4th quarter valued at $2,176,000. Baader Bank Aktiengesellschaft bought a new stake in Nextracker during the 4th quarter valued at $211,000. Hsbc Holdings PLC raised its position in Nextracker by 22.7% during the 4th quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock valued at $13,503,000 after purchasing an additional 53,904 shares in the last quarter. Moody Aldrich Partners LLC raised its position in shares of Nextracker by 117.0% in the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after acquiring an additional 72,441 shares in the last quarter. Finally, Graybill Wealth Management LTD. bought a new position in shares of Nextracker in the 1st quarter worth $1,643,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.