Nextracker (NASDAQ:NXT) Rating Lowered to Market Perform at Northland Securities

Nextracker (NASDAQ:NXT) was downgraded by equities researchers at Northland Securities from an “outperform” rating to a “market perform” rating in a report released on Friday, MarketBeat.com reports. They currently have a $44.00 price target on the stock, down from their prior price target of $60.00. Northland Securities’ target price would suggest a potential upside of 0.55% from the stock’s previous close.

A number of other research analysts have also recently issued reports on NXT. Wells Fargo & Company increased their target price on shares of Nextracker from $57.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Cantor Fitzgerald increased their target price on shares of Nextracker from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Guggenheim dropped their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 23rd. Citigroup increased their target price on shares of Nextracker from $45.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, January 31st. Finally, Barclays cut shares of Nextracker from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.55.

Nextracker Stock Up 1.8 %

Shares of NASDAQ:NXT opened at $43.76 on Friday. The company has a market cap of $5.97 billion, a P/E ratio of 23.40, a PEG 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. The company has a 50-day moving average price of $54.06 and a 200 day moving average price of $46.90.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 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 the consensus estimate of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. Analysts expect that Nextracker will post 2.35 EPS for the current year.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker 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 approximately $585,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nextracker 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 transaction, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently made changes to their positions in the stock. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker in the 1st quarter valued at $25,000. Keybank National Association OH boosted its holdings in shares of Nextracker by 7.1% in the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock valued at $274,000 after purchasing an additional 455 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Nextracker by 3.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after purchasing an additional 541 shares during the last quarter. Lindbrook Capital LLC acquired a new position in shares of Nextracker in the 1st quarter valued at $34,000. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Nextracker during the 1st quarter valued at $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.