Nextracker (NASDAQ:NXT) PT Lowered to $60.00

Nextracker (NASDAQ:NXT) had its target price cut by Guggenheim from $73.00 to $60.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

NXT has been the subject of several other research reports. Daiwa Capital Markets began coverage on Nextracker in a report on Monday, April 1st. They set an outperform rating and a $63.00 price target for the company. Citigroup boosted their price objective on Nextracker from $45.00 to $52.00 and gave the stock a neutral rating in a research report on Wednesday, January 31st. Bank of America boosted their price objective on Nextracker from $53.00 to $60.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. cut their price objective on Nextracker from $73.00 to $67.00 and set an overweight rating on the stock in a research report on Thursday, February 29th. Finally, BMO Capital Markets assumed coverage on Nextracker in a research report on Friday, March 22nd. They issued a market perform rating and a $69.00 price objective on the stock. Three analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker presently has an average rating of Moderate Buy and an average price target of $58.59.

Nextracker Trading Up 1.0 %

Shares of Nextracker stock opened at $44.42 on Tuesday. The stock has a fifty day simple moving average of $55.08 and a 200 day simple moving average of $46.81. Nextracker has a 12-month low of $29.28 and a 12-month high of $62.14. The company has a market capitalization of $6.07 billion, a P/E ratio of 23.75, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $615.53 million. On average, analysts predict that Nextracker will post 2.35 EPS for the current year.

Insider Activity at Nextracker

In related news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction 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 sale, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction 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 sale, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

A number of institutional investors have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC bought a new position in shares of Nextracker during the 1st quarter valued at about $37,000. Toth Financial Advisory Corp purchased a new stake in Nextracker during the 1st quarter valued at about $38,000. Capital Advisors Ltd. LLC purchased a new stake in Nextracker during the 1st quarter valued at about $46,000. Wahed Invest LLC purchased a new stake in Nextracker during the 4th quarter valued at about $43,000. Finally, Tucker Asset Management LLC purchased a new stake in Nextracker in the 3rd quarter worth approximately $42,000. 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 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.