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

Northland Securities lowered shares of Nextracker (NASDAQ:NXT) from an outperform rating to a market perform rating in a research note released on Friday morning, MarketBeat reports. They currently have $44.00 target price on the stock, down from their previous target price of $60.00.

Other equities research analysts also recently issued research reports about the company. Daiwa Capital Markets assumed coverage on Nextracker in a report on Monday, April 1st. They set an outperform rating and a $63.00 target price for the company. Robert W. Baird assumed coverage on Nextracker in a report on Thursday, March 21st. They set an outperform rating and a $71.00 target price for the company. Truist Financial lifted their target price on Nextracker from $52.00 to $60.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Citigroup lifted their target price on Nextracker from $45.00 to $52.00 and gave the stock a neutral rating in a report on Wednesday, January 31st. Finally, 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. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $58.55.

Nextracker Stock Performance

NXT opened at $43.76 on Friday. Nextracker has a twelve month low of $29.28 and a twelve month high of $62.14. The firm’s 50-day simple moving average is $54.06 and its 200-day simple moving average is $46.83. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last announced 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 business had revenue of $710.43 million during the quarter, compared to the consensus estimate of $615.53 million. As a group, sell-side analysts anticipate that Nextracker will post 2.35 EPS for the current fiscal year.

Insider Activity at Nextracker

In related news, insider Leah Schlesinger sold 2,149 shares of the company’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 sale, the insider now directly 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 is accessible through this hyperlink. In other Nextracker 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 $585,374.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred 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 directly owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextracker

Several institutional investors have recently added to or reduced their stakes in the business. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker during the first quarter worth approximately $25,000. Keybank National Association OH raised 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 during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised 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 during the period. Lindbrook Capital LLC acquired a new position in shares of Nextracker during the first quarter worth approximately $34,000. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Nextracker during the first quarter worth approximately $37,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.