Mizuho Trims Nextracker (NASDAQ:NXT) Target Price to $59.00

Nextracker (NASDAQ:NXT) had its price objective trimmed by Mizuho from $64.00 to $59.00 in a research report released on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the company. The Goldman Sachs Group upped their target price on Nextracker from $62.00 to $70.00 and gave the company a buy rating in a report on Thursday, February 1st. Citigroup upped their target price on Nextracker from $45.00 to $52.00 and gave the company a neutral rating in a report on Wednesday, January 31st. Roth Mkm increased their price objective on Nextracker from $60.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Cantor Fitzgerald increased their price objective on Nextracker from $52.00 to $62.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Finally, Piper Sandler reduced their price objective on Nextracker from $66.00 to $64.00 and set an overweight rating for the company in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, Nextracker presently has a consensus rating of Moderate Buy and a consensus target price of $59.18.

Nextracker Stock Down 1.2 %

Shares of Nextracker stock opened at $44.00 on Friday. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 0.38 and a beta of 1.94. The business has a fifty day simple moving average of $55.64 and a 200-day simple moving average of $46.51. Nextracker has a fifty-two week low of $29.28 and a fifty-two week high of $62.14.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The business had revenue of $710.43 million during the quarter, compared to analyst estimates of $615.53 million. Analysts anticipate that Nextracker will post 2.35 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

Several hedge funds have recently added to or reduced their stakes in NXT. Bruce G. Allen Investments LLC bought a new stake in Nextracker during the 1st quarter valued at approximately $37,000. Toth Financial Advisory Corp bought a new stake in shares of Nextracker in the 1st quarter worth approximately $38,000. Tucker Asset Management LLC bought a new stake in shares of Nextracker in the 3rd quarter worth approximately $42,000. Wahed Invest LLC bought a new stake in shares of Nextracker in the 4th quarter worth approximately $43,000. Finally, Capital Advisors Ltd. LLC bought a new stake in shares of Nextracker in the 1st quarter worth approximately $46,000. 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.