Truist Financial Cuts Nextracker (NASDAQ:NXT) Price Target to $52.00

Nextracker (NASDAQ:NXT - Free Report) had its target price cut by Truist Financial from $56.00 to $52.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

NXT has been the subject of several other research reports. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and increased their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Northland Securities reissued an "outperform" rating and set a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Citigroup lowered their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $55.48.

Nextracker Stock Up 2.7 %

NXT stock traded up $1.08 during mid-day trading on Thursday, hitting $40.36. 2,028,879 shares of the company were exchanged, compared to its average volume of 2,467,170. The firm's 50 day simple moving average is $43.10 and its 200 day simple moving average is $40.46. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The firm has a market cap of $5.88 billion, a P/E ratio of 10.27 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, sell-side analysts predict that Nextracker will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the period. Sterling Capital Management LLC boosted its position in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new position in shares of Nextracker in the 4th quarter worth about $47,000. Millstone Evans Group LLC acquired a new position in shares of Nextracker in the 4th quarter valued at about $48,000. Finally, Principal Securities Inc. boosted its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.