BMO Capital Markets Forecasts Strong Price Appreciation for Nextracker (NASDAQ:NXT) Stock

Nextracker (NASDAQ:NXT) had its price target hoisted by equities researchers at BMO Capital Markets from $48.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ target price suggests a potential downside of 1.24% from the company’s current price.

A number of other equities analysts also recently commented on the company. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $60.00 in a report on Wednesday. Susquehanna increased their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday. Robert W. Baird cut their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Northland Securities reiterated an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday. Finally, Citigroup dropped their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Stock Performance

NXT stock opened at $50.63 on Wednesday. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $7.37 billion, a P/E ratio of 12.63 and a beta of 2.04. The company has a 50-day simple moving average of $39.20 and a 200 day simple moving average of $39.00.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. Sell-side analysts predict that Nextracker will post 2.7 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated 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 owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently added to or reduced their stakes in NXT. Holocene Advisors LP bought a new position in Nextracker in the third quarter valued at about $45,416,000. Erste Asset Management GmbH bought a new position in Nextracker during the third quarter worth about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after buying an additional 745,665 shares during the last quarter. State Street Corp boosted its holdings in Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after buying an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the last quarter. 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 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.