Nextracker (NASDAQ:NXT) Given New $60.00 Price Target at Guggenheim

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

A number of other research firms have also recently weighed in on NXT. Barclays cut 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. Roth Mkm upped their price target on shares of Nextracker from $60.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Citigroup upped their price target on shares of Nextracker from $45.00 to $52.00 and gave the stock a neutral rating in a research note on Wednesday, January 31st. Cantor Fitzgerald upped their price target on shares of Nextracker from $52.00 to $62.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Finally, Daiwa Capital Markets assumed coverage on shares of Nextracker in a research note on Monday, April 1st. They set an outperform rating and a $63.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Nextracker presently has an average rating of Moderate Buy and a consensus target price of $58.55.

Nextracker Stock Performance

Shares of Nextracker stock opened at $43.76 on Tuesday. The company has a market cap of $5.97 billion, a P/E ratio of 23.40, a PEG ratio of 0.37 and a beta of 1.94. Nextracker has a one year low of $29.28 and a one year high of $62.14. The firm has a fifty day moving average of $54.06 and a two-hundred day moving average of $46.83.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 EPS 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 the consensus estimate of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. As a group, equities analysts predict that Nextracker will post 2.35 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were 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 of the company’s stock, valued at approximately $585,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, 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 owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Yousif Capital Management LLC purchased a new position in shares of Nextracker during the 1st quarter worth about $207,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Nextracker in the first quarter valued at approximately $25,000. Lindbrook Capital LLC purchased a new position in Nextracker in the first quarter valued at approximately $34,000. New York State Teachers Retirement System raised its holdings in Nextracker by 183.4% in the first quarter. New York State Teachers Retirement System now owns 10,957 shares of the company’s stock valued at $617,000 after buying an additional 7,091 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Nextracker by 122.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,530 shares of the company’s stock valued at $2,506,000 after buying an additional 24,547 shares during the period. 67.41% of the stock is currently owned by hedge funds and other 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.