Nextracker (NASDAQ:NXT) Lowered to Market Perform at Northland Securities

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by equities researchers at Northland Securities from an "outperform" rating to a "market perform" rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $44.00 price objective on the stock, down from their prior price objective of $60.00. Northland Securities' price target indicates a potential upside of 0.55% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. Citigroup upped their price objective on shares of Nextracker from $45.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, January 31st. Robert W. Baird initiated coverage on Nextracker in a research report on Thursday, March 21st. They issued an "outperform" rating and a $71.00 target price for the company. Daiwa Capital Markets assumed coverage on Nextracker in a research note on Monday, April 1st. They set an "outperform" rating and a $63.00 price target for the company. Mizuho dropped their price objective on Nextracker from $64.00 to $59.00 and set a "buy" rating on the stock in a research note on Friday, April 19th. Finally, The Goldman Sachs Group raised their target price on Nextracker from $62.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, February 1st. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.55.

Nextracker Stock Up 1.8 %

NXT stock traded up $0.78 during mid-day trading on Friday, reaching $43.76. The company had a trading volume of 2,319,610 shares, compared to its average volume of 4,170,404. Nextracker has a one year low of $29.28 and a one year high of $62.14. The stock has a market capitalization of $5.97 billion, a P/E ratio of 23.40, a P/E/G ratio of 0.37 and a beta of 1.94. The stock's 50-day simple moving average is $54.06 and its two-hundred day simple moving average is $46.83.

Nextracker (NASDAQ:NXT - Get Free Report) last issued 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. The firm had revenue of $710.43 million for 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%. On average, research analysts forecast that Nextracker will post 2.35 EPS for the current fiscal year.

Insider Activity

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares of the company's stock, valued at approximately $585,374.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 transaction of $111,554.59. Following the sale, the insider now directly owns 11,910 shares of the company's stock, valued at approximately $618,248.10. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company's stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in NXT. Moody Aldrich Partners LLC increased its holdings in Nextracker by 117.0% in the fourth quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company's stock worth $6,295,000 after buying an additional 72,441 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Nextracker by 113.9% during the 4th quarter. Federated Hermes Inc. now owns 230,186 shares of the company's stock valued at $10,784,000 after purchasing an additional 122,554 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Nextracker by 330.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company's stock valued at $18,195,000 after purchasing an additional 298,088 shares in the last quarter. Alps Advisors Inc. lifted its stake in shares of Nextracker by 43.8% in the 3rd quarter. Alps Advisors Inc. now owns 188,457 shares of the company's stock valued at $7,568,000 after purchasing an additional 57,371 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Nextracker by 61.6% in the third quarter. Rhumbline Advisers now owns 68,440 shares of the company's stock worth $2,749,000 after purchasing an additional 26,092 shares in the last quarter. 67.41% of the stock is 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.