Nextracker (NASDAQ:NXT) Announces Quarterly Earnings Results

Key Points

• Nextracker reported quarterly earnings of $1.00 per share, exceeding the consensus estimate by $0.02, and achieved a net margin of 17.55%.
• Shares of Nextracker traded up $2.83 to reach $90.38, with a market capitalization of $13.37 billion.
• Analyst ratings are mixed, with one "Strong Buy," sixteen "Buy," and ten "Hold" ratings; the average target price is $77.29.

Nextracker (NASDAQ:NXT - Get Free Report) issued its earnings results on Thursday. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02, Zacks reports. Nextracker had a net margin of 17.55% and a return on equity of 37.02%.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded up $2.83 during trading hours on Thursday, hitting $90.38. 3,454,244 shares of the company's stock traded hands, compared to its average volume of 2,467,404. Nextracker has a 52 week low of $30.93 and a 52 week high of $93.90. The company's fifty day simple moving average is $73.23 and its two-hundred day simple moving average is $60.51. The company has a market cap of $13.37 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 2.23 and a beta of 2.27.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Cowen reaffirmed a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Wells Fargo & Company raised their price objective on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Barclays restated an "overweight" rating and set a $92.00 target price on shares of Nextracker in a research report on Thursday, October 2nd. UBS Group lifted their target price on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Northland Capmk cut shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and an average target price of $77.29.

Insider Buying and Selling at Nextracker

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director directly owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,400 shares of company stock worth $2,053,385. Company insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its position in shares of Nextracker by 179.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock worth $61,000 after purchasing an additional 724 shares in the last quarter. Vident Advisory LLC acquired a new stake in shares of Nextracker in the second quarter worth $209,000. M&T Bank Corp acquired a new stake in shares of Nextracker in the second quarter worth $223,000. Redwood Investment Management LLC boosted its stake in Nextracker by 4.1% during the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company's stock worth $281,000 after buying an additional 204 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Nextracker by 10.6% during the second quarter. Quantinno Capital Management LP now owns 5,379 shares of the company's stock worth $292,000 after buying an additional 514 shares in 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.

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