Nextracker (NASDAQ:NXT) Price Target Cut to $65.00

Nextracker (NASDAQ:NXT) had its price target lowered by Roth Mkm from $70.00 to $65.00 in a report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also commented on the company. Guggenheim cut their price target on Nextracker from $73.00 to $60.00 and set a buy rating on the stock in a research note on Tuesday, April 23rd. Truist Financial lowered their target price on Nextracker from $70.00 to $65.00 and set a buy rating on the stock in a research report on Monday, July 29th. Fox Advisors raised Nextracker from an equal weight rating to an overweight rating and set a $60.00 target price on the stock in a research report on Wednesday, May 15th. Susquehanna began coverage on Nextracker in a research report on Friday, June 28th. They issued a positive rating and a $59.00 price target for the company. Finally, Scotiabank decreased their target price on Nextracker from $55.00 to $50.00 and set a sector outperform rating for the company in a research report on Monday, April 29th. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $58.68.

Nextracker Stock Performance

Nextracker stock traded down $4.85 during mid-day trading on Friday, hitting $41.98. 8,965,076 shares of the company’s stock traded hands, compared to its average volume of 2,707,945. The firm has a 50 day simple moving average of $51.35 and a two-hundred day simple moving average of $51.45. Nextracker has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 12.49 and a beta of 2.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The firm had revenue of $736.52 million for the quarter, compared to analysts’ expectations of $681.03 million. On average, research analysts expect that Nextracker will post 2.62 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp acquired a new position in Nextracker in the fourth quarter valued at $2,176,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Nextracker during the 4th quarter valued at approximately $211,000. Hsbc Holdings PLC raised its position in shares of Nextracker by 22.7% during the 4th quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after purchasing an additional 53,904 shares during the last quarter. Moody Aldrich Partners LLC raised its position in shares of Nextracker by 117.0% during the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after purchasing an additional 72,441 shares during the last quarter. Finally, Graybill Wealth Management LTD. acquired a new position in shares of Nextracker during the 1st quarter worth approximately $1,643,000. 67.41% of the stock is currently 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.