Scotiabank Cuts Nextracker (NASDAQ:NXT) Price Target to $50.00

Nextracker (NASDAQ:NXT) had its target price cut by equities researchers at Scotiabank from $55.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 12.74% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. The Goldman Sachs Group lifted their target price on Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Mizuho decreased their target price on Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, April 19th. BMO Capital Markets assumed coverage on Nextracker in a report on Friday, March 22nd. They issued a “market perform” rating and a $69.00 target price on the stock. Roth Mkm lifted their target price on Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Barclays cut Nextracker from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $55.00 to $63.00 in a report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Nextracker Stock Performance

Shares of NXT stock traded up $0.59 during mid-day trading on Monday, hitting $44.35. 1,447,412 shares of the stock traded hands, compared to its average volume of 4,136,366. Nextracker has a twelve month low of $29.28 and a twelve month high of $62.14. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. The company’s 50-day simple moving average is $54.06 and its 200-day simple moving average is $46.97.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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. Analysts forecast that Nextracker will post 2.35 earnings per share for the current year.

Insider Activity

In other news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the company’s 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 transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Leah Schlesinger sold 2,149 shares of the company’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 transaction, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NXT. Yousif Capital Management LLC acquired a new position in shares of Nextracker in the 1st quarter valued at $207,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker in the 1st quarter valued at $25,000. Lindbrook Capital LLC acquired a new position in shares of Nextracker in the 1st quarter valued at $34,000. New York State Teachers Retirement System lifted its stake in shares of Nextracker by 183.4% in the 1st quarter. New York State Teachers Retirement System now owns 10,957 shares of the company’s stock valued at $617,000 after purchasing an additional 7,091 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Nextracker by 122.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,530 shares of the company’s stock valued at $2,506,000 after purchasing an additional 24,547 shares during the period. Institutional investors and hedge funds 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.