Nextracker’s (NXT) Buy Rating Reaffirmed at Roth Capital

Nextracker (NASDAQ:NXT)‘s stock had its “buy” rating reissued by analysts at Roth Capital in a report issued on Thursday,Benzinga reports. They presently have a $70.00 price target on the stock, up from their previous price target of $55.00. Roth Capital’s price objective points to a potential upside of 18.02% from the stock’s previous close.

A number of other analysts have also weighed in on NXT. Northland Securities restated an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. TD Cowen upped their target price on Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday. BMO Capital Markets upped their target price on Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a report on Thursday. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and increased their price objective for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. Finally, Guggenheim lowered Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average price target of $59.90.

Nextracker Stock Down 3.7%

Nextracker stock opened at $59.31 on Thursday. The business has a fifty day moving average of $43.44 and a two-hundred day moving average of $42.01. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm has a market cap of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. Nextracker has a twelve month low of $30.93 and a twelve month high of $63.19.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 27,453 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the transaction, the insider now directly owns 120,972 shares of the company’s stock, valued at $7,278,885.24. This represents a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the transaction, the chief accounting officer now directly owns 124,615 shares in the company, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,320 shares of company stock valued at $2,524,532 in the last ninety days. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Northwestern Mutual Wealth Management Co. grew its position in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 577 shares during the period. Allworth Financial LP grew its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the period. Summit Securities Group LLC grew its position in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker during the 1st quarter worth about $40,000. Finally, Sterling Capital Management LLC grew its position in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after purchasing an additional 1,055 shares during the period. 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.