Royal Bank Of Canada Forecasts Strong Price Appreciation for Nextracker (NASDAQ:NXT) Stock

Nextracker (NASDAQ:NXT) had its target price increased by analysts at Royal Bank Of Canada from $93.00 to $96.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 9.93% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group raised their price target on shares of Nextracker from $84.00 to $104.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Zacks Research upgraded shares of Nextracker to a “hold” rating in a research note on Tuesday, August 12th. UBS Group lifted their price objective on shares of Nextracker to $125.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Wall Street Zen downgraded Nextracker from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 25th. Finally, Robert W. Baird set a $100.00 target price on Nextracker in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $94.19.

Nextracker Stock Performance

Shares of NASDAQ NXT traded down $9.17 during trading hours on Thursday, reaching $87.33. 1,704,587 shares of the stock were exchanged, compared to its average volume of 2,488,278. The firm has a market capitalization of $12.96 billion, a price-to-earnings ratio of 22.74, a P/E/G ratio of 2.64 and a beta of 2.31. Nextracker has a 52 week low of $33.29 and a 52 week high of $112.74. The stock’s fifty day simple moving average is $83.90 and its 200 day simple moving average is $67.28.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.21. Nextracker had a net margin of 17.08% and a return on equity of 35.05%. The firm had revenue of $905.27 million during the quarter, compared to the consensus estimate of $839.53 million. Nextracker has set its FY 2026 guidance at 4.040-4.250 EPS. Research analysts predict that Nextracker will post 3.29 EPS for the current fiscal year.

Insider Activity

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the sale, the chief financial officer directly owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 5,217 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the completion of the transaction, the president directly owned 409,039 shares in the company, valued at $30,677,925. The trade was a 1.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 15,420 shares of company stock worth $1,092,930. Insiders own 0.56% of the company’s stock.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently bought and sold shares of NXT. Vanguard Group Inc. increased its holdings in Nextracker by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after purchasing an additional 283,981 shares during the period. Primecap Management Co. CA increased its position in shares of Nextracker by 1.1% during the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after buying an additional 83,227 shares during the period. Wellington Management Group LLP lifted its holdings in Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock worth $220,722,000 after buying an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC grew its holdings in shares of Nextracker by 11.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after acquiring an additional 289,663 shares during the period. Finally, Norges Bank purchased a new position in shares of Nextracker in the 2nd quarter valued at approximately $140,772,000. 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.