Nextracker (NASDAQ:NXT) Price Target Cut to $60.00

Nextracker (NASDAQ:NXT - Free Report) had its price objective reduced by Guggenheim from $73.00 to $60.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on NXT. Wells Fargo & Company upped their price target on shares of Nextracker from $57.00 to $68.00 and gave the company an overweight rating in a research note on Thursday, February 1st. The Goldman Sachs Group increased their target price on shares of Nextracker from $62.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, February 1st. Cantor Fitzgerald lifted their price target on shares of Nextracker from $52.00 to $62.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Bank of America boosted their price target on Nextracker from $53.00 to $60.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Finally, Piper Sandler lowered their price objective on Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $58.59.

Nextracker Price Performance

Nextracker stock traded up $0.42 during trading hours on Tuesday, hitting $44.42. The company had a trading volume of 2,589,992 shares, compared to its average volume of 4,227,539. Nextracker has a one year low of $29.28 and a one year high of $62.14. The firm has a market cap of $6.07 billion, a PE ratio of 24.29, a PEG ratio of 0.37 and a beta of 1.94. The firm has a 50-day moving average of $55.35 and a 200 day moving average of $46.74.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.51. The company had revenue of $710.43 million for 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%. As a group, research analysts expect that Nextracker will post 2.35 earnings per share for the current year.

Insider Transactions at Nextracker

In related news, COO Nicholas Marco Miller sold 8,355 shares of the firm's 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 transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Leah Schlesinger sold 2,149 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the firm's stock in a transaction that occurred on 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 disclosure for this sale can be found here. Company insiders own 0.09% of the company's stock.

Institutional Investors Weigh In On Nextracker

Several large investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in Nextracker in the third quarter valued at $214,000. Handelsbanken Fonder AB lifted its stake in shares of Nextracker by 17.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,481,791 shares of the company's stock valued at $59,509,000 after purchasing an additional 215,619 shares during the period. Cannon Global Investment Management LLC bought a new stake in shares of Nextracker during the 3rd quarter valued at about $422,000. Raymond James & Associates acquired a new stake in Nextracker during the third quarter worth approximately $486,000. Finally, Bank of New York Mellon Corp grew its stake in Nextracker by 60.7% during the third quarter. Bank of New York Mellon Corp now owns 178,115 shares of the company's stock worth $7,153,000 after purchasing an additional 67,285 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.