Scotiabank Trims Nextracker (NASDAQ:NXT) Target Price to $50.00

Nextracker (NASDAQ:NXT) had its target price reduced by Scotiabank from $55.00 to $50.00 in a report released on Monday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other research analysts have also recently issued reports on NXT. 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 price target for the company. BMO Capital Markets began coverage on Nextracker in a report on Friday, March 22nd. They issued a market perform rating and a $69.00 price objective on the stock. Truist Financial lifted their target price on Nextracker from $52.00 to $60.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Citigroup lifted their price objective on shares of Nextracker from $45.00 to $52.00 and gave the company a neutral rating in a research note on Wednesday, January 31st. Finally, Roth Mkm raised 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. Four research 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.com, the stock has an average rating of Moderate Buy and an average target price of $58.17.

Nextracker Stock Up 0.2 %

Shares of NXT opened at $42.87 on Monday. The company has a 50 day moving average of $53.12 and a two-hundred day moving average of $47.05. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 22.93, a price-to-earnings-growth ratio of 0.38 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 announced its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) 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 company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. On average, sell-side analysts expect that Nextracker will post 2.35 EPS for the current year.

Insider Activity

In related news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related 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 owns 11,910 shares of the company’s stock, valued at $618,248.10. The transaction was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds have recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Nextracker during the 1st quarter worth approximately $25,000. Lindbrook Capital LLC purchased a new stake in Nextracker in the first quarter valued at $34,000. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker during the 1st quarter worth $37,000. Toth Financial Advisory Corp acquired a new stake in shares of Nextracker during the first quarter valued at about $38,000. Finally, Capital Advisors Ltd. LLC purchased a new position in shares of Nextracker during the 1st quarter worth approximately $46,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.