Northland Securities Downgrades Nextracker (NASDAQ:NXT) to Market Perform

Nextracker (NASDAQ:NXT) was downgraded by investment analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $44.00 price objective on the stock, down from their prior price objective of $60.00. Northland Securities’ price target indicates a potential upside of 0.55% from the stock’s current price.

NXT has been the subject of a number of other reports. Barclays lowered shares of Nextracker from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Mizuho dropped their target price on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Roth Mkm boosted their target price on shares of Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Daiwa Capital Markets started coverage on shares of Nextracker in a report on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price on the stock. Finally, Bank of America boosted their target price on shares of Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.55.

Nextracker Trading Up 1.8 %

Shares of NASDAQ:NXT opened at $43.76 on Friday. The company has a 50 day moving average of $54.06 and a 200-day moving average of $46.90. The firm has a market cap of $5.97 billion, a P/E ratio of 23.40, a P/E/G ratio of 0.37 and a beta of 1.94. 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 results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. The company had revenue of $710.43 million during 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%. Equities research analysts forecast that Nextracker will post 2.35 EPS for the current year.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the business’s 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 completion of the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction 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 disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Nextracker

Several large investors have recently added to or reduced their stakes in NXT. SG Americas Securities LLC bought a new stake in Nextracker in the third quarter worth approximately $214,000. Cannon Global Investment Management LLC bought a new stake in Nextracker in the third quarter worth approximately $422,000. Raymond James & Associates bought a new stake in Nextracker in the third quarter worth approximately $486,000. Bank of New York Mellon Corp boosted its holdings in shares of Nextracker by 60.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 178,115 shares of the company’s stock worth $7,153,000 after buying an additional 67,285 shares during the period. Finally, New York State Teachers Retirement System bought a new stake in shares of Nextracker during the 3rd quarter worth $155,000. 67.41% of the stock is 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.