Piper Sandler Lowers Nextracker (NASDAQ:NXT) Price Target to $64.00

Nextracker (NASDAQ:NXT - Get Free Report) had its target price reduced by stock analysts at Piper Sandler from $66.00 to $64.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's target price would indicate a potential upside of 28.46% from the company's current price.

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. decreased their price target on Nextracker from $73.00 to $67.00 and set an "overweight" rating for the company in a research note on Thursday, February 29th. Cantor Fitzgerald raised their price target on Nextracker from $52.00 to $62.00 and gave the stock an "overweight" rating in a research note on Thursday, February 1st. Daiwa Capital Markets began 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. Robert W. Baird began coverage on Nextracker in a research note on Thursday, March 21st. They set an "outperform" rating and a $71.00 price target for the company. Finally, BMO Capital Markets initiated coverage on Nextracker in a research note on Friday, March 22nd. They set a "market perform" rating and a $69.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and an average price target of $58.52.

Nextracker Price Performance

Shares of NASDAQ:NXT traded up $0.20 during trading on Thursday, hitting $49.82. The company had a trading volume of 3,000,260 shares, compared to its average volume of 4,277,398. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 0.58 and a beta of 1.94. Nextracker has a one year low of $29.28 and a one year high of $62.14. The company has a fifty day simple moving average of $57.20 and a two-hundred day simple moving average of $46.29.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.51. The business had revenue of $710.43 million during the quarter, compared to analyst estimates of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. On average, equities research analysts anticipate that Nextracker will post 2.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Leah Schlesinger sold 2,149 shares of the business's stock in a transaction on 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 directly owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 completion of 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 SEC, which is accessible through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 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. 0.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextracker

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Nextracker by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company's stock valued at $220,671,000 after buying an additional 216,674 shares during the period. BlackRock Inc. lifted its holdings in shares of Nextracker by 4.7% in the 2nd quarter. BlackRock Inc. now owns 4,466,039 shares of the company's stock valued at $177,793,000 after buying an additional 199,412 shares during the period. Norges Bank acquired a new position in shares of Nextracker in the 4th quarter valued at about $120,861,000. Handelsbanken Fonder AB lifted its holdings in shares of Nextracker by 30.1% in the 4th quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company's stock valued at $90,319,000 after buying an additional 446,034 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Nextracker by 31.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company's stock valued at $79,160,000 after buying an additional 404,146 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

About Nextracker

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.