Nextracker (NASDAQ:NXT) Given New $60.00 Price Target at Guggenheim

Nextracker (NASDAQ:NXT) had its price objective lowered by investment analysts at Guggenheim from $73.00 to $60.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 32.10% from the company’s current price.

A number of other equities research analysts have also recently weighed in on NXT. BMO Capital Markets initiated coverage on Nextracker in a report on Friday, March 22nd. They set a “market perform” rating and a $69.00 price target for the company. Citigroup increased their price objective on shares of Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, January 31st. The Goldman Sachs Group boosted their target price on shares of Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. 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 report on Thursday, February 1st. Finally, Truist Financial raised their price target on shares of Nextracker from $52.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.

Nextracker Stock Up 3.2 %

Nextracker stock traded up $1.42 during mid-day trading on Tuesday, hitting $45.42. 1,352,593 shares of the company were exchanged, compared to its average volume of 4,210,783. The company has a market capitalization of $6.20 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. The business has a fifty day moving average of $55.35 and a 200 day moving average of $46.74. Nextracker has a 1-year low of $29.28 and a 1-year high of $62.14.

Nextracker (NASDAQ:NXT) last announced its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. The business had revenue of $710.43 million during the quarter, compared to analysts’ expectations of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. Research analysts expect that Nextracker will post 2.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction 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 in the company, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction dated 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 in the company, valued at approximately $585,374.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the 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 of the company’s stock, valued at $618,248.10. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Nextracker by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock valued at $220,671,000 after acquiring an additional 216,674 shares in the last quarter. Norges Bank bought a new position in shares of Nextracker during the 4th quarter worth approximately $120,861,000. Handelsbanken Fonder AB raised its holdings in shares of Nextracker by 30.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after purchasing an additional 446,034 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Nextracker by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock worth $79,160,000 after purchasing an additional 404,146 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Nextracker by 22.0% during the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock worth $65,686,000 after purchasing an additional 295,256 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.