Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Nextracker (NASDAQ:NXT) had its price objective increased by The Goldman Sachs Group from $61.00 to $68.00 in a research report report published on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on NXT. Piper Sandler set a $49.00 target price on shares of Nextracker in a research note on Monday, April 21st. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. JPMorgan Chase & Co. lifted their price target on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Truist Financial lifted their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, TD Cowen lifted their price target on shares of Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $59.90.

Nextracker Trading Down 3.7%

Shares of NXT opened at $59.31 on Thursday. The firm’s 50 day simple moving average is $43.44 and its 200 day simple moving average is $42.08. The company has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker has a 1-year low of $30.93 and a 1-year high of $63.19.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now directly owns 219,389 shares of the company’s stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the sale, the chief accounting officer now directly owns 124,615 shares in the company, valued at $6,853,825. This represents 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 worth $2,524,532 over the last quarter. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC boosted its stake in Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company’s stock worth $9,737,000 after purchasing an additional 187,598 shares in the last quarter. Trium Capital LLP grew its position in Nextracker by 18.8% during the 4th quarter. Trium Capital LLP now owns 7,666 shares of the company’s stock valued at $280,000 after purchasing an additional 1,213 shares during the last quarter. Clear Harbor Asset Management LLC grew its position in Nextracker by 0.7% during the 4th quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company’s stock valued at $5,598,000 after purchasing an additional 1,086 shares during the last quarter. Fort Washington Investment Advisors Inc. OH purchased a new stake in Nextracker during the 4th quarter valued at about $10,228,000. Finally, Nisa Investment Advisors LLC grew its position in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.