Nextracker (NASDAQ:NXT) Downgraded by Northland Securities

Northland Securities downgraded shares of Nextracker (NASDAQ:NXT) from an outperform rating to a market perform rating in a research note issued to investors on Friday morning, MarketBeat reports. Northland Securities currently has $44.00 price target on the stock, down from their previous price target of $60.00.

NXT has been the topic of a number of other research reports. Barclays downgraded shares of Nextracker from an overweight rating to an equal weight rating and boosted their price objective for the stock from $55.00 to $63.00 in a report on Tuesday, April 2nd. Citigroup boosted 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. Guggenheim decreased their price objective on shares of Nextracker from $73.00 to $60.00 and set a buy rating on the stock in a report on Tuesday, April 23rd. Truist Financial boosted their price objective on shares of Nextracker from $52.00 to $60.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Finally, Cantor Fitzgerald boosted their price objective on shares of Nextracker from $52.00 to $62.00 and gave the stock an overweight rating in a report on Thursday, February 1st. Four research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $58.17.

Nextracker Stock Performance

NXT stock opened at $44.11 on Friday. Nextracker has a one year low of $29.28 and a one year high of $62.14. The stock has a market capitalization of $6.02 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. The company has a fifty day moving average of $53.74 and a 200-day moving average of $47.03.

Nextracker (NASDAQ:NXT) last released its earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, topping 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 company had revenue of $710.43 million during the quarter, compared to analysts’ expectations of $615.53 million. Equities analysts forecast that Nextracker will post 2.35 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Leah Schlesinger sold 2,149 shares of the company’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 directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Leah Schlesinger sold 2,149 shares of the company’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 directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Nextracker during the 1st quarter valued at $25,000. Lindbrook Capital LLC bought a new position in Nextracker during the 1st quarter valued at $34,000. Bruce G. Allen Investments LLC bought a new position in Nextracker during the 1st quarter valued at $37,000. Toth Financial Advisory Corp bought a new position in Nextracker during the 1st quarter valued at $38,000. Finally, Tucker Asset Management LLC bought a new position in Nextracker during the 3rd quarter valued at $42,000. 67.41% of the stock is currently owned by institutional investors.

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.