Nextracker (NASDAQ:NXT) PT Lowered to $60.00 at Guggenheim

Nextracker (NASDAQ:NXT) had its price target cut by equities research analysts at Guggenheim from $73.00 to $60.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 36.64% from the company’s previous close.

Other analysts have also issued reports about the stock. Daiwa Capital Markets assumed coverage on shares of Nextracker in a research report on Monday, April 1st. They set an “outperform” rating and a $63.00 target price on the stock. Roth Mkm boosted their price target on shares of Nextracker from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Piper Sandler reduced their price target on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. BMO Capital Markets started coverage on shares of Nextracker in a research report on Friday, March 22nd. They issued a “market perform” rating and a $69.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price target on shares of Nextracker from $73.00 to $67.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.59.

Nextracker Stock Performance

Shares of Nextracker stock opened at $43.91 on Tuesday. The firm’s 50-day simple moving average is $54.74 and its 200-day simple moving average is $46.79. Nextracker has a twelve month low of $29.28 and a twelve month high of $62.14. The firm has a market cap of $6.00 billion, a P/E ratio of 23.48, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94.

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

Insider Buying and Selling at Nextracker

In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $618,248.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 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 sale, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $618,248.10. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Nextracker by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock valued at $220,671,000 after purchasing an additional 216,674 shares during the period. Norges Bank bought a new position in Nextracker during the fourth quarter worth about $120,861,000. Handelsbanken Fonder AB increased its position in Nextracker by 30.1% during the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after acquiring an additional 446,034 shares during the period. Victory Capital Management Inc. increased its position in Nextracker by 31.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock worth $79,160,000 after acquiring an additional 404,146 shares during the period. Finally, Invesco Ltd. increased its position in Nextracker by 22.0% during the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock worth $65,686,000 after acquiring an additional 295,256 shares during the period. 67.41% of the stock is owned by institutional investors.

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.