Nextracker (NASDAQ:NXT) Trading 5.3% Higher

Nextracker Inc. (NASDAQ:NXT) traded up 5.3% on Thursday . The company traded as high as $49.29 and last traded at $49.06. 3,137,752 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 4,209,532 shares. The stock had previously closed at $46.59.

Wall Street Analyst Weigh In

NXT has been the topic of several research reports. Truist Financial reissued a “buy” rating and set a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. BMO Capital Markets dropped their price objective on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a report on Wednesday, May 15th. Wells Fargo & Company dropped their price target on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. Scotiabank dropped their price target on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Finally, Roth Mkm reiterated a “buy” rating and issued a $70.00 price objective on shares of Nextracker in a research note on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.54.

Nextracker Price Performance

The stock has a fifty day moving average of $50.32 and a two-hundred day moving average of $51.08. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.66. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million for the quarter, compared to analysts’ expectations of $681.03 million. On average, equities research analysts anticipate that Nextracker Inc. will post 2.23 earnings per share for the current year.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock valued at $1,084,460 in the last quarter. 0.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Van ECK Associates Corp acquired a new stake in shares of Nextracker in the fourth quarter worth approximately $2,176,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Nextracker in the 4th quarter valued at $211,000. Hsbc Holdings PLC grew its stake in shares of Nextracker by 22.7% during the 4th quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock valued at $13,503,000 after buying an additional 53,904 shares during the period. Moody Aldrich Partners LLC increased its holdings in shares of Nextracker by 117.0% during the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after buying an additional 72,441 shares during the last quarter. Finally, Graybill Wealth Management LTD. purchased a new position in shares of Nextracker in the 1st quarter worth $1,643,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.