Guggenheim Lowers Nextracker (NASDAQ:NXT) Price Target to $60.00

Nextracker (NASDAQ:NXT) had its price target dropped by equities researchers at Guggenheim from $73.00 to $60.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 36.64% from the stock’s current price.

Several other equities analysts have also recently commented on NXT. Bank of America boosted their price objective on shares of Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Mizuho reduced their price objective on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Wells Fargo & Company boosted their price target on shares of Nextracker from $57.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. cut their price target on shares of Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Finally, Robert W. Baird began coverage on shares of Nextracker in a research note on Thursday, March 21st. They issued an “outperform” rating and a $71.00 price target for the company. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.59.

Nextracker Stock Down 1.1 %

NASDAQ NXT opened at $43.91 on Tuesday. The company’s 50 day moving average is $54.74 and its 200-day moving average is $46.79. Nextracker has a 12-month low of $29.28 and a 12-month high of $62.14. The firm has a market cap of $6.00 billion, a P/E ratio of 23.48, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last posted 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 net margin of 4.48% and a negative return on equity of 5.98%. The company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Equities analysts expect that Nextracker will post 2.35 EPS for the current year.

Insider Buying and Selling

In related news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction dated 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 transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, 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 owned by company insiders.

Institutional Trading of Nextracker

A number of institutional investors have recently made changes to their positions in the stock. Keybank National Association OH lifted its stake in shares of Nextracker by 7.1% in the 3rd 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 stake in Nextracker by 3.4% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock worth $652,000 after acquiring an additional 541 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Nextracker during the 1st quarter worth approximately $37,000. Toth Financial Advisory Corp bought a new stake in Nextracker during the 1st quarter worth approximately $38,000. Finally, Capital Advisors Ltd. LLC bought a new stake in Nextracker during the 1st quarter worth approximately $46,000. 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.