Nextracker (NASDAQ:NXT) Price Target Cut to $60.00

Nextracker (NASDAQ:NXT) had its price target lowered by Guggenheim from $73.00 to $60.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 32.10% from the stock’s previous close.

Several other equities analysts also recently weighed in on NXT. Robert W. Baird initiated coverage on Nextracker in a research report on Thursday, March 21st. They issued an “outperform” rating and a $71.00 target price for the company. Citigroup raised their price target on shares of Nextracker from $45.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, January 31st. Roth Mkm upped their price objective on Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Piper Sandler reduced their price objective on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Finally, Mizuho lowered their target price on Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research note on Friday. Three analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $58.59.

Nextracker Stock Up 3.2 %

NASDAQ:NXT traded up $1.42 on Tuesday, hitting $45.42. The stock had a trading volume of 1,352,593 shares, compared to its average volume of 4,210,783. Nextracker has a 1-year low of $29.28 and a 1-year high of $62.14. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 0.37 and a beta of 1.94. The company has a fifty day moving average price of $55.35 and a two-hundred day moving average price of $46.74.

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

Insider Activity at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the firm’s 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 $618,248.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Nextracker by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after buying an additional 216,674 shares during the last quarter. Norges Bank purchased a new position in shares of Nextracker in the 4th quarter valued at approximately $120,861,000. Handelsbanken Fonder AB increased its holdings in shares of Nextracker by 30.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after purchasing an additional 446,034 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Nextracker by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock valued at $79,160,000 after purchasing an additional 404,146 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Nextracker by 22.0% during the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock worth $65,686,000 after purchasing an additional 295,256 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

About Nextracker

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.