Nextracker (NASDAQ:NXT) Cut to “Neutral” at Guggenheim

Guggenheim downgraded shares of Nextracker (NASDAQ:NXT) from a buy rating to a neutral rating in a research report report published on Wednesday, MarketBeat.com reports.

NXT has been the subject of several other research reports. BMO Capital Markets increased their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 29th. Barclays lowered their target price on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. increased their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Royal Bank of Canada initiated coverage on shares of Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 target price for the company. Finally, Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average price target of $59.90.

Nextracker Trading Down 3.7%

Shares of NXT stock opened at $59.31 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a market cap of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03. The company has a 50-day moving average of $43.44 and a two-hundred day moving average of $42.01. Nextracker has a 1-year low of $30.93 and a 1-year high of $63.19.

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 27,453 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the sale, the insider now owns 120,972 shares of the company’s stock, valued at approximately $7,278,885.24. This trade represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the sale, the chief accounting officer now directly owns 124,615 shares in the company, valued at approximately $6,853,825. The trade was a 7.29% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,320 shares of company stock valued at $2,524,532. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Norges Bank acquired a new position in shares of Nextracker in the 4th quarter valued at $106,166,000. Wellington Management Group LLP increased its holdings in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after acquiring an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of Nextracker in the 4th quarter valued at $55,690,000. Invesco Ltd. increased its holdings in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after acquiring an additional 1,329,456 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Nextracker in the 1st quarter valued at $40,356,000. 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 distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.