Nextracker (NASDAQ:NXT) Downgraded to “Market Perform” at Northland Securities

Nextracker (NASDAQ:NXT) was downgraded by investment analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a research report issued on Friday, Briefing.com reports. They currently have a $44.00 price target on the stock, down from their prior price target of $60.00. Northland Securities’ price target indicates a potential upside of 1.08% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Barclays cut 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. JPMorgan Chase & Co. dropped their target price on Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. The Goldman Sachs Group increased their target price on Nextracker from $62.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Roth Mkm increased their price objective on Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Daiwa Capital Markets began coverage on Nextracker in a research report on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price for the company. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.55.

Nextracker Stock Up 1.3 %

Shares of Nextracker stock traded up $0.55 during trading on Friday, hitting $43.53. 546,600 shares of the stock traded hands, compared to its average volume of 4,147,296. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 0.37 and a beta of 1.94. The firm’s fifty day moving average is $54.39 and its 200-day moving average is $46.77. Nextracker has a 52 week low of $29.28 and a 52 week high of $62.14.

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

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the transaction, the insider now owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Leah Schlesinger sold 2,149 shares of the business’s 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 sale, the insider now owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s 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 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

A number of hedge funds have recently bought and sold shares of NXT. Keybank National Association OH increased its position in shares of Nextracker by 7.1% during 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 in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Nextracker by 3.4% during 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 in the last quarter. Lindbrook Capital LLC acquired a new position in shares of Nextracker during the first quarter worth $34,000. Bruce G. Allen Investments LLC acquired a new position in shares of Nextracker during the first quarter worth $37,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Nextracker during the first quarter worth $38,000. Hedge funds and other institutional investors 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.