Nextracker (NASDAQ:NXT) Cut to Market Perform at Northland Securities

Northland Securities lowered shares of Nextracker (NASDAQ:NXT) from an outperform rating to a market perform rating in a research note published on Friday morning, MarketBeat reports. Northland Securities currently has $44.00 target price on the stock, down from their previous target price of $60.00.

Several other equities analysts have also weighed in on the stock. Robert W. Baird started coverage on shares of Nextracker in a research report on Thursday, March 21st. They set an outperform rating and a $71.00 price objective on the stock. Truist Financial lifted their price target on shares of Nextracker from $52.00 to $60.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Piper Sandler dropped their price target on shares of Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a research report on Thursday, April 11th. Cantor Fitzgerald lifted their price target on shares of Nextracker from $52.00 to $62.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Finally, Citigroup lifted 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. Four investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, Nextracker has a consensus rating of Moderate Buy and a consensus target price of $58.17.

Nextracker Stock Performance

Shares of NXT opened at $44.11 on Friday. The firm has a market cap of $6.02 billion, a PE ratio of 23.59, a PEG ratio of 0.37 and a beta of 1.94. The firm’s 50 day moving average price is $53.74 and its 200 day moving average price is $47.03. Nextracker has a twelve month low of $29.28 and a twelve month high of $62.14.

Nextracker (NASDAQ:NXT) last issued 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. The firm had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. On average, sell-side analysts anticipate that Nextracker will post 2.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the sale, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Nextracker in the 1st quarter valued at $25,000. Keybank National Association OH boosted its stake in shares of Nextracker by 7.1% in the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock valued at $274,000 after purchasing an additional 455 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Nextracker by 3.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after buying an additional 541 shares during the last quarter. Lindbrook Capital LLC bought a new position in shares of Nextracker in the first quarter valued at about $34,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Nextracker in the first quarter valued at about $37,000. Institutional investors and hedge funds 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.