Nextracker (NASDAQ:NXT) Coverage Initiated by Analysts at Royal Bank of Canada

Royal Bank of Canada began coverage on shares of Nextracker (NASDAQ:NXT) in a research report sent to investors on Monday, Marketbeat.com reports. The firm issued an outperform rating and a $55.00 price objective on the stock.

A number of other research firms have also recently issued reports on NXT. Susquehanna upped their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Wednesday, January 29th. BMO Capital Markets upped their price objective on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, Piper Sandler increased 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. Three equities research 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 stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Price Performance

Nextracker stock opened at $45.90 on Monday. The business has a 50-day simple moving average of $44.82 and a 200 day simple moving average of $39.64. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. 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 stock has a market cap of $6.68 billion, a price-to-earnings ratio of 11.68 and a beta of 2.24.

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 analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, research analysts forecast that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. State of New Jersey Common Pension Fund D lifted its stake in shares of Nextracker by 11.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 51,670 shares of the company’s stock valued at $1,937,000 after purchasing an additional 5,489 shares during the period. KBC Group NV raised its stake in Nextracker by 7.9% during the third quarter. KBC Group NV now owns 8,472 shares of the company’s stock valued at $318,000 after buying an additional 620 shares during the last quarter. Royce & Associates LP purchased a new position in Nextracker during the third quarter valued at $3,330,000. Mutual of America Capital Management LLC raised its stake in Nextracker by 10.2% during the third quarter. Mutual of America Capital Management LLC now owns 77,520 shares of the company’s stock valued at $2,905,000 after buying an additional 7,163 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Nextracker by 13.5% during the third quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company’s stock valued at $1,263,000 after buying an additional 4,006 shares during the last quarter. 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 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.