Nextracker (NASDAQ:NXT) PT Lowered to $59.00

Nextracker (NASDAQ:NXT) had its price target decreased by stock analysts at Mizuho from $64.00 to $59.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Mizuho’s price target suggests a potential upside of 34.06% from the company’s current price.

A number of other analysts also recently issued reports on the company. Barclays downgraded Nextracker from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Citigroup lifted their price objective on Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 31st. Guggenheim assumed coverage on Nextracker in a research note on Thursday, February 8th. They issued a “buy” rating and a $73.00 price objective on the stock. BMO Capital Markets began coverage on Nextracker in a research note on Friday, March 22nd. They issued a “market perform” rating and a $69.00 price objective on the stock. Finally, Piper Sandler dropped their target price on Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $59.18.

Nextracker Trading Down 1.2 %

NXT traded down $0.52 on Friday, hitting $44.01. 1,463,878 shares of the company’s stock traded hands, compared to its average volume of 4,226,982. The company’s 50 day simple moving average is $55.92 and its 200-day simple moving average is $46.48. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 23.78, a P/E/G ratio of 0.38 and a beta of 1.94. Nextracker has a one year low of $29.28 and a one year high of $62.14.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $615.53 million. As a group, equities analysts anticipate that Nextracker will post 2.35 EPS for the current fiscal year.

Insider Activity at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction 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 approximately $618,248.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker 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 completion of the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextracker

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Nextracker in the 1st quarter worth $154,708,000. Norges Bank bought a new position in shares of Nextracker in the 4th quarter worth $120,861,000. JPMorgan Chase & Co. bought a new position in shares of Nextracker in the 1st quarter worth $42,403,000. Morgan Stanley raised its position in shares of Nextracker by 337.3% in the 3rd quarter. Morgan Stanley now owns 1,433,301 shares of the company’s stock worth $57,561,000 after acquiring an additional 1,105,536 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Nextracker by 3,423.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,113,857 shares of the company’s stock valued at $44,343,000 after buying an additional 1,082,248 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

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.