Mizuho Lowers Nextracker (NASDAQ:NXT) Price Target to $59.00

Nextracker (NASDAQ:NXT) had its price target trimmed by Mizuho from $64.00 to $59.00 in a report issued on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the stock. Roth Mkm upped their target price on shares of Nextracker from $60.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, February 1st. BMO Capital Markets assumed coverage on shares of Nextracker in a research note on Friday, March 22nd. They issued a market perform rating and a $69.00 target price on the stock. Barclays downgraded shares of Nextracker from an overweight rating to an equal weight rating and upped their target price for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Cantor Fitzgerald upped their target price on shares of Nextracker from $52.00 to $62.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Finally, Daiwa Capital Markets assumed coverage on shares of Nextracker in a research note on Monday, April 1st. They set an outperform rating and a $63.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $59.18.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $44.00 on Friday. The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 0.37 and a beta of 1.94. Nextracker has a 12 month low of $29.28 and a 12 month high of $62.14. The firm’s 50-day moving average is $55.35 and its 200 day moving average is $46.74.

Nextracker (NASDAQ:NXT) last issued its earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. The business had revenue of $710.43 million for 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%. As a group, equities analysts forecast that Nextracker will post 2.35 EPS for the current fiscal year.

Insider Activity at Nextracker

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker during the first quarter worth $37,000. Toth Financial Advisory Corp purchased a new position in shares of Nextracker during the first quarter worth $38,000. Capital Advisors Ltd. LLC purchased a new position in shares of Nextracker during the first quarter worth $46,000. Wahed Invest LLC purchased a new position in shares of Nextracker during the fourth quarter worth $43,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Nextracker during the third quarter worth $42,000. 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.