Nextracker (NASDAQ:NXT) Price Target Lowered to $60.00 at Guggenheim

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

Other equities analysts have also issued research reports about the stock. Mizuho decreased their target price on shares of Nextracker from $64.00 to $59.00 and set a buy rating for the company in a research report on Friday, April 19th. JPMorgan Chase & Co. reduced their price objective on shares of Nextracker from $73.00 to $67.00 and set an overweight rating for the company in a research report on Thursday, February 29th. Roth Mkm raised their price objective on shares of Nextracker from $60.00 to $70.00 and gave the company a buy rating in a research report on Thursday, February 1st. Robert W. Baird began coverage on shares of Nextracker in a research report on Thursday, March 21st. They set an outperform rating and a $71.00 price objective for the company. Finally, Bank of America raised their price objective on shares of Nextracker from $53.00 to $60.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $58.59.

Nextracker Stock Up 1.0 %

Shares of NXT opened at $44.42 on Tuesday. The firm has a 50-day moving average price of $55.08 and a 200 day moving average price of $46.81. The firm has a market capitalization of $6.07 billion, a PE ratio of 23.75, a P/E/G ratio of 0.37 and a beta of 1.94. Nextracker has a 52-week low of $29.28 and a 52-week high of $62.14.

Nextracker (NASDAQ:NXT) last announced its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.51. The firm had revenue of $710.43 million during the quarter, compared to analyst estimates of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. On average, equities analysts expect that Nextracker will post 2.35 EPS for the current year.

Insider Buying and Selling at Nextracker

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

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Cookson Peirce & Co. Inc. acquired a new position in Nextracker during the 1st quarter worth approximately $10,927,000. United Asset Strategies Inc. acquired a new stake in shares of Nextracker in the 1st quarter valued at approximately $1,510,000. F M Investments LLC acquired a new stake in shares of Nextracker in the 1st quarter valued at approximately $200,000. Seven Grand Managers LLC boosted its holdings in shares of Nextracker by 650.0% in the 1st quarter. Seven Grand Managers LLC now owns 300,000 shares of the company’s stock valued at $16,881,000 after buying an additional 260,000 shares during the last quarter. Finally, Raymond James & Associates acquired a new stake in Nextracker during the 1st quarter valued at $13,881,000. 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.