Nextracker (NASDAQ:NXT) Given New $50.00 Price Target at Scotiabank

Nextracker (NASDAQ:NXT) had its price target trimmed by Scotiabank from $55.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Truist Financial raised their price objective on shares of Nextracker from $52.00 to $60.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Mizuho dropped their price target on Nextracker from $64.00 to $59.00 and set a buy rating for the company in a report on Friday, April 19th. JPMorgan Chase & Co. decreased their price objective on Nextracker from $73.00 to $67.00 and set an overweight rating on the stock in a report on Thursday, February 29th. BMO Capital Markets started coverage on Nextracker in a research report on Friday, March 22nd. They set a market perform rating and a $69.00 price objective on the stock. Finally, Piper Sandler reduced their target price on shares of Nextracker from $66.00 to $64.00 and set an overweight rating for the company in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $58.17.

Nextracker Trading Up 0.8 %

NXT stock opened at $44.11 on Monday. Nextracker has a 1-year low of $29.28 and a 1-year high of $62.14. The business’s 50 day simple moving average is $53.74 and its 200 day simple moving average is $47.03. The firm has a market capitalization of $6.02 billion, a PE ratio of 23.59, a PEG ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.51. The company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. As a group, sell-side analysts predict that Nextracker will post 2.35 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 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. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Nextracker

A number of hedge funds have recently made changes to their positions in the company. Moody Aldrich Partners LLC raised its holdings in Nextracker by 117.0% in the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock valued at $6,295,000 after buying an additional 72,441 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Nextracker by 113.9% during the fourth quarter. Federated Hermes Inc. now owns 230,186 shares of the company’s stock worth $10,784,000 after purchasing an additional 122,554 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Nextracker by 330.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock worth $18,195,000 after purchasing an additional 298,088 shares during the last quarter. Alps Advisors Inc. raised its position in Nextracker by 43.8% during the 3rd quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock worth $7,568,000 after purchasing an additional 57,371 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Nextracker by 61.6% in the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock valued at $2,749,000 after buying an additional 26,092 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.