BMO Capital Markets Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target upped by BMO Capital Markets from $51.00 to $59.00 in a research note released on Thursday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

A number of other research firms have also recently weighed in on NXT. UBS Group upped their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Piper Sandler set a $49.00 target price on Nextracker in a report on Monday, April 21st. Northland Securities reiterated an “outperform” rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Guggenheim downgraded shares of Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, BNP Paribas upgraded Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Five 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 stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Nextracker Trading Up 11.9%

Shares of NXT opened at $61.59 on Thursday. Nextracker has a twelve month low of $30.93 and a twelve month high of $63.19. The firm has a market capitalization of $8.97 billion, a P/E ratio of 15.67 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $43.15 and its 200 day simple moving average is $41.83.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the sale, the president now owns 219,389 shares of the company’s stock, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc boosted its position in Nextracker by 516.4% during the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after purchasing an additional 2,768 shares during the period. Robeco Schweiz AG bought a new position in Nextracker in the fourth quarter valued at $22,112,000. New York State Common Retirement Fund raised its holdings in shares of Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after buying an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of Nextracker by 115.1% during the fourth quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock valued at $482,000 after buying an additional 7,056 shares during the last quarter. 67.41% of the stock is 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 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.