Nextracker (NASDAQ:NXT) Downgraded by Northland Securities

Northland Securities lowered shares of Nextracker (NASDAQ:NXT) from an outperform rating to a market perform rating in a report released on Friday, MarketBeat Ratings reports. Northland Securities currently has $44.00 price target on the stock, down from their prior price target of $60.00.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company raised their price target on Nextracker from $57.00 to $68.00 and gave the stock an overweight rating in a research report on Thursday, February 1st. Piper Sandler cut their price objective on Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a research report on Thursday, April 11th. Citigroup lifted their price objective on Nextracker from $45.00 to $52.00 and gave the stock a neutral rating in a research report on Wednesday, January 31st. Guggenheim cut their price objective on Nextracker from $73.00 to $60.00 and set a buy rating on the stock in a research report on Tuesday. Finally, Bank of America lifted their price objective on Nextracker from $53.00 to $60.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $58.55.

Nextracker Trading Up 1.8 %

Shares of NASDAQ NXT opened at $43.76 on Friday. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 0.37 and a beta of 1.94. Nextracker has a 1-year low of $29.28 and a 1-year high of $62.14. The stock’s 50-day moving average is $54.06 and its 200 day moving average is $46.83.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data 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 negative return on equity of 5.98% and a net margin of 4.48%. The company had revenue of $710.43 million for the quarter, compared to analysts’ expectations of $615.53 million. On average, analysts forecast that Nextracker will post 2.35 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction on Tuesday, April 2nd. The stock was 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 $585,374.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Nextracker in the first quarter worth $25,000. Keybank National Association OH raised its stake in shares of 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 purchasing an additional 455 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of 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 purchasing an additional 541 shares during the last quarter. Lindbrook Capital LLC purchased a new position in shares of Nextracker in the first quarter worth $34,000. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker in the first quarter worth $37,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.