Nextracker (NASDAQ:NXT) Given New $59.00 Price Target at Mizuho

Nextracker (NASDAQ:NXT - Free Report) had its price objective trimmed by Mizuho from $64.00 to $59.00 in a report issued on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

NXT has been the subject of several other reports. Wells Fargo & Company raised their target price on Nextracker from $57.00 to $68.00 and gave the stock an overweight rating in a research report on Thursday, February 1st. Citigroup raised 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. BMO Capital Markets assumed coverage on shares of Nextracker in a research note on Friday, March 22nd. They issued a market perform rating and a $69.00 target price on the stock. Bank of America raised their price target on shares of Nextracker from $53.00 to $60.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Finally, Cantor Fitzgerald upped their price objective on Nextracker from $52.00 to $62.00 and gave the company an overweight rating in a research note on Thursday, February 1st. Three analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $59.18.

Nextracker Trading Down 1.2 %

NASDAQ:NXT traded down $0.53 during trading hours on Friday, hitting $44.00. 5,035,772 shares of the stock traded hands, compared to its average volume of 4,275,444. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 0.38 and a beta of 1.94. The firm has a 50 day moving average price of $55.92 and a 200 day moving average price of $46.48. Nextracker has a fifty-two week low of $29.28 and a fifty-two week high of $62.14.

Nextracker (NASDAQ:NXT - Get Free Report) last posted 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. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The firm had revenue of $710.43 million during the quarter, compared to analysts' expectations of $615.53 million. Research analysts predict that Nextracker will post 2.35 EPS for the current year.

Insider Buying and Selling

In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction that occurred 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 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. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the 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 transaction, the chief operating officer now owns 11,114 shares of the company's stock, valued at $585,374.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Leah Schlesinger sold 2,149 shares of the business'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 owns 11,910 shares of the company's stock, valued at $618,248.10. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker during the first quarter worth about $37,000. Toth Financial Advisory Corp bought a new stake in Nextracker during the 1st quarter worth approximately $38,000. Capital Advisors Ltd. LLC bought a new stake in Nextracker during the 1st quarter worth approximately $46,000. Wahed Invest LLC acquired a new stake in Nextracker during the 4th quarter worth approximately $43,000. Finally, Tucker Asset Management LLC bought a new position in Nextracker in the third quarter valued at approximately $42,000. Institutional investors and hedge funds 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.