Nextracker (NASDAQ:NXT) Price Target Cut to $59.00 by Analysts at Mizuho

Nextracker (NASDAQ:NXT) had its price target cut by Mizuho from $64.00 to $59.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the company. The Goldman Sachs Group boosted their price objective on Nextracker from $62.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, February 1st. Truist Financial upped their price target on Nextracker from $52.00 to $60.00 and gave the company a buy rating in a report on Tuesday, January 23rd. Citigroup upped their price target on Nextracker from $45.00 to $52.00 and gave the company a neutral rating in a report on Wednesday, January 31st. Barclays downgraded Nextracker from an overweight rating to an equal weight rating and upped their price target for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Finally, Guggenheim assumed coverage on Nextracker in a report on Thursday, February 8th. They issued a buy rating and a $73.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $59.18.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $44.00 on Friday. Nextracker has a 1 year low of $29.28 and a 1 year high of $62.14. The firm has a market capitalization of $6.01 billion, a PE ratio of 23.53, a price-to-earnings-growth ratio of 0.38 and a beta of 1.94. The firm’s 50-day moving average is $55.64 and its two-hundred day moving average is $46.51.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The business had revenue of $710.43 million during the quarter, compared to the consensus estimate of $615.53 million. Analysts expect that Nextracker will post 2.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was 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 $585,374.38. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the transaction, the insider now 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 currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker in the first quarter valued at $37,000. Toth Financial Advisory Corp purchased a new position in shares of Nextracker in the first quarter valued at $38,000. Capital Advisors Ltd. LLC acquired a new stake in shares of Nextracker during the first quarter valued at $46,000. Wahed Invest LLC acquired a new stake in shares of Nextracker during the fourth quarter valued at $43,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of Nextracker during the third quarter valued at $42,000. Hedge funds and other institutional investors 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.