Nextracker (NASDAQ:NXT) Price Target Raised to $59.00 at BMO Capital Markets

Nextracker (NASDAQ:NXT) had its price objective hoisted by BMO Capital Markets from $51.00 to $59.00 in a report released on Thursday,Benzinga reports. The firm currently has a market perform rating on the stock.

Other analysts have also issued reports about the stock. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and raised their price objective for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Susquehanna lifted 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. Piper Sandler set a $49.00 price objective on Nextracker in a report on Monday, April 21st. Royal Bank of Canada started coverage on shares of Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Barclays dropped their price target on Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.60.

Nextracker Stock Up 11.9%

Shares of Nextracker stock opened at $61.59 on Thursday. Nextracker has a 1 year low of $30.93 and a 1 year high of $63.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a 50-day moving average of $43.15 and a 200 day moving average of $41.83. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 15.67 and a beta of 2.03.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was 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 approximately $12,066,395. This trade represents a 2.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer now owns 124,615 shares of the company’s stock, 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. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in shares of Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after buying an additional 187,598 shares during the period. Trium Capital LLP increased its holdings in shares of Nextracker by 18.8% during the fourth 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 period. Clear Harbor Asset Management LLC raised its position in shares of Nextracker by 0.7% during the 4th quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company’s stock worth $5,598,000 after buying an additional 1,086 shares in the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Nextracker in the fourth quarter valued at $10,228,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of 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 in the last quarter. 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.