Nextracker (NASDAQ:NXT) Given New $60.00 Price Target at Guggenheim

Nextracker (NASDAQ:NXT) had its target price lowered by Guggenheim from $73.00 to $60.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on the stock. Piper Sandler decreased their target price on shares of Nextracker from $66.00 to $64.00 and set an overweight rating for the company in a research report on Thursday, April 11th. Daiwa Capital Markets began coverage on shares of Nextracker in a research report on Monday, April 1st. They set an outperform rating and a $63.00 price objective for the company. Citigroup raised their price objective on shares of Nextracker from $45.00 to $52.00 and gave the company a neutral rating in a research report on Wednesday, January 31st. BMO Capital Markets began coverage on shares of Nextracker in a research report on Friday, March 22nd. They set a market perform rating and a $69.00 price objective for the company. Finally, Cantor Fitzgerald raised their price objective on shares of Nextracker from $52.00 to $62.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Nextracker presently has an average rating of Moderate Buy and an average target price of $58.55.

Nextracker Stock Up 1.8 %

Shares of NXT opened at $43.76 on Tuesday. The firm has a 50-day moving average price of $54.06 and a 200 day moving average price of $46.83. The firm has a market capitalization of $5.97 billion, a PE ratio of 23.40, a P/E/G ratio of 0.37 and a beta of 1.94. Nextracker has a 52-week low of $29.28 and a 52-week high of $62.14.

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

Insider Transactions at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred 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 directly owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred 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 directly owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction that occurred 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 approximately $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker in the first quarter worth approximately $25,000. Keybank National Association OH increased its holdings in Nextracker by 7.1% in the third quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock worth $274,000 after buying an additional 455 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Nextracker by 3.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock worth $652,000 after buying an additional 541 shares during the last quarter. Lindbrook Capital LLC acquired a new position in Nextracker in the first quarter worth approximately $34,000. Finally, Bruce G. Allen Investments LLC acquired a new position in Nextracker during the first quarter valued at approximately $37,000. 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.