Piper Sandler Keeps Their Buy Rating on NEXTracker, Inc. Class A (NXT)

Piper Sandler analyst Kashy Harrison maintained a Buy rating on NEXTracker, Inc. Class A (NXT – Research Report) today and set a price target of $64.00. The company’s shares closed yesterday at $49.62.

Harrison covers the Technology sector, focusing on stocks such as Enphase Energy, First Solar, and Itron. According to TipRanks, Harrison has an average return of -16.9% and a 34.75% success rate on recommended stocks.

In addition to Piper Sandler, NEXTracker, Inc. Class A also received a Buy from Cantor Fitzgerald’s Derek Soderberg in a report issued yesterday. However, on April 3, Barclays downgraded NEXTracker, Inc. Class A (NASDAQ: NXT) to a Hold.

Based on NEXTracker, Inc. Class A’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $710.43 million and a net profit of $41.4 million. In comparison, last year the company earned a revenue of $513.37 million and had a net profit of $42.59 million

Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NXT in relation to earlier this year. Most recently, in February 2024, TPG GP A, LLC, a Major Shareholder at NXT sold 11,000,000.00 shares for a total of $622,600,000.00.

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NEXTracker, Inc. Class A (NXT) Company Description:

NEXTracker Inc provides integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed solar generation projects worldwide. Nextracker’s products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. It generates revenue from selling solar trackers, such as NX Horizon and NX Gemini, and from licensing TrueCapture software products.