Nextracker (NASDAQ:NXT) Price Target Cut to $50.00 by Analysts at Scotiabank

Nextracker (NASDAQ:NXT) had its price objective decreased by Scotiabank from $55.00 to $50.00 in a research note published on Monday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Several other equities analysts have also weighed in on the stock. Guggenheim reduced their price objective on shares of Nextracker from $73.00 to $60.00 and set a buy rating for the company in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their target price on shares of Nextracker from $73.00 to $67.00 and set an overweight rating for the company in a report on Thursday, February 29th. Piper Sandler dropped their price target on Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a report on Thursday, April 11th. Mizuho cut their price objective on Nextracker from $64.00 to $59.00 and set a buy rating for the company in a research report on Friday, April 19th. Finally, Cantor Fitzgerald lifted their target price on Nextracker from $52.00 to $62.00 and gave the stock an overweight rating in a report on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $58.17.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $44.11 on Monday. Nextracker has a 1 year low of $29.28 and a 1 year high of $62.14. The firm has a market cap of $6.02 billion, a P/E ratio of 23.59, a PEG ratio of 0.37 and a beta of 1.94. The stock has a fifty day moving average price of $53.74 and a two-hundred day moving average price of $47.03.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share 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 business had revenue of $710.43 million during the quarter, compared to analyst estimates of $615.53 million. On average, research analysts predict that Nextracker will post 2.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, 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 transaction of $111,554.59. Following the completion of the sale, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, 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 legal filing with the SEC, which is accessible through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at $585,374.38. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Moody Aldrich Partners LLC increased its stake in shares of Nextracker by 117.0% during the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after purchasing an additional 72,441 shares during the last quarter. Federated Hermes Inc. raised its holdings in Nextracker by 113.9% during the fourth quarter. Federated Hermes Inc. now owns 230,186 shares of the company’s stock valued at $10,784,000 after buying an additional 122,554 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Nextracker by 330.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock worth $18,195,000 after buying an additional 298,088 shares during the last quarter. Alps Advisors Inc. boosted its stake in shares of Nextracker by 43.8% during the 3rd quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock worth $7,568,000 after acquiring an additional 57,371 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Nextracker by 61.6% during the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock valued at $2,749,000 after acquiring an additional 26,092 shares during the last quarter. Institutional investors 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 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.