Barclays Lowers Nextracker (NASDAQ:NXT) Price Target to $58.00

Nextracker (NASDAQ:NXT) had its price target lowered by Barclays from $60.00 to $58.00 in a research note released on Thursday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other equities analysts also recently issued reports on the company. Citigroup cut their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada began coverage on Nextracker in a report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Wells Fargo & Company cut their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Guggenheim raised their price target on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.05.

Nextracker Stock Performance

NXT opened at $37.75 on Thursday. The company has a market cap of $5.50 billion, a P/E ratio of 9.61 and a beta of 2.02. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average price is $44.04 and its 200-day moving average price is $40.30. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, equities analysts anticipate that Nextracker will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,758 shares of company stock valued at $1,217,520. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

Large investors have recently bought and sold shares of the company. Allworth Financial LP boosted its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in Nextracker during the 4th quarter worth $47,000. Millstone Evans Group LLC acquired a new stake in Nextracker during the 4th quarter worth $48,000. Finally, Principal Securities Inc. raised its position in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after buying an additional 410 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

About Nextracker

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.