Nextracker (NASDAQ:NXT) PT Lowered to $59.00

Nextracker (NASDAQ:NXT) had its price target cut by stock analysts at Mizuho from $64.00 to $59.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 34.06% from the stock’s previous close.

A number of other research firms also recently issued reports on NXT. Robert W. Baird assumed coverage on shares of Nextracker in a report on Thursday, March 21st. They issued an “outperform” rating and a $71.00 price objective on the stock. Cantor Fitzgerald boosted their target price on shares of Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Roth Mkm boosted their target price on shares of Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. lowered their target price on shares of Nextracker from $73.00 to $67.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. Finally, Truist Financial upped their price objective on shares of Nextracker from $52.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Three research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.18.

Nextracker Trading Down 1.2 %

Shares of NASDAQ:NXT traded down $0.52 during trading on Friday, hitting $44.01. 1,463,878 shares of the company’s stock were exchanged, compared to its average volume of 4,226,982. Nextracker has a 1-year low of $29.28 and a 1-year high of $62.14. The firm has a 50-day moving average price of $55.92 and a two-hundred day moving average price of $46.48. The firm has a market cap of $6.01 billion, a P/E ratio of 23.78, a PEG ratio of 0.38 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The firm had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. As a group, research analysts predict that Nextracker will post 2.35 EPS for the current year.

Insiders Place Their Bets

In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction 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 Nextracker 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 completion of the sale, 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 Trading of Nextracker

Hedge funds have recently bought and sold shares of the business. Graphene Investments SAS bought a new stake in shares of Nextracker during the 1st quarter worth $2,650,000. Handelsinvest Investeringsforvaltning bought a new stake in Nextracker in the 1st quarter valued at about $94,000. Eagle Ridge Investment Management bought a new stake in Nextracker in the 1st quarter valued at about $285,000. Capital Advisors Ltd. LLC bought a new stake in Nextracker in the 1st quarter valued at about $46,000. Finally, Farmers & Merchants Investments Inc. bought a new stake in Nextracker in the 1st quarter valued at about $150,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.