Guggenheim Downgrades Nextracker (NASDAQ:NXT) to Neutral

Nextracker (NASDAQ:NXT) was downgraded by Guggenheim from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports.

NXT has been the subject of a number of other research reports. The Goldman Sachs Group boosted their price objective on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Robert W. Baird decreased their price objective on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Susquehanna boosted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Barclays decreased their price objective on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, BMO Capital Markets boosted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $59.60.

Nextracker Stock Up 11.9%

Shares of NASDAQ:NXT opened at $61.59 on Wednesday. Nextracker has a one year low of $30.93 and a one year high of $63.19. The company has a 50 day moving average of $43.15 and a 200-day moving average of $41.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The stock has a market cap of $8.97 billion, a price-to-earnings ratio of 15.67 and a beta of 2.03.

Insider Activity

In other news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer now owns 124,615 shares of the company’s stock, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the sale, the president now directly owns 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of institutional investors have recently made changes to their positions in NXT. Barclays PLC raised its position in Nextracker by 259.8% during the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock worth $9,737,000 after acquiring an additional 187,598 shares in the last quarter. Trium Capital LLP raised its position in Nextracker by 18.8% during the fourth quarter. Trium Capital LLP now owns 7,666 shares of the company’s stock worth $280,000 after acquiring an additional 1,213 shares in the last quarter. Clear Harbor Asset Management LLC raised its position in Nextracker by 0.7% during the fourth quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company’s stock worth $5,598,000 after acquiring an additional 1,086 shares in the last quarter. Fort Washington Investment Advisors Inc. OH bought a new stake in Nextracker during the fourth quarter worth $10,228,000. Finally, Nisa Investment Advisors LLC raised its position in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares in the last quarter. 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 distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.