Nextracker (NASDAQ:NXT) Price Target Lowered to $48.00 at Robert W. Baird

Nextracker (NASDAQ:NXT - Get Free Report) had its price target dropped by investment analysts at Robert W. Baird from $59.00 to $48.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's price objective suggests a potential upside of 19.11% from the stock's previous close.

Several other brokerages have also issued reports on NXT. BMO Capital Markets boosted their target price on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, January 29th. Piper Sandler boosted their price objective on Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Truist Financial reiterated a "buy" rating and issued a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Susquehanna boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada began coverage on shares of Nextracker in a research note on Monday, March 17th. They issued an "outperform" rating and a $55.00 price target on the stock. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.48.

Nextracker Trading Up 1.5 %

Shares of NASDAQ NXT traded up $0.58 during trading hours on Tuesday, hitting $40.30. 1,220,198 shares of the company traded hands, compared to its average volume of 3,003,428. The company's 50 day moving average price is $43.22 and its 200 day moving average price is $40.42. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 10.25 and a beta of 2.02. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, equities research analysts anticipate that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextracker

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Nextracker by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after buying an additional 243,635 shares during the last quarter. Invesco Ltd. raised its stake in Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Geode Capital Management LLC lifted its position in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Sachem Head Capital Management LP grew its stake in Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Nextracker in the fourth quarter worth about $106,166,000. 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 distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.