Nextracker (NASDAQ:NXT) Shares Gap Down to $56.20

Nextracker Inc. (NASDAQ:NXTGet Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $56.20, but opened at $53.70. Nextracker shares last traded at $53.06, with a volume of 563,380 shares traded.

Analysts Set New Price Targets

A number of research firms have issued reports on NXT. Barclays lowered shares of Nextracker from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $55.00 to $63.00 in a research report on Tuesday. BMO Capital Markets began coverage on shares of Nextracker in a research report on Friday, March 22nd. They set a “market perform” rating and a $69.00 price target for the company. The Goldman Sachs Group raised their price objective 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. Citigroup raised their price objective on shares of Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 31st. Finally, Daiwa Capital Markets began coverage on shares of Nextracker in a research note on Monday. They set an “outperform” rating and a $63.00 price objective on the stock. Three analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.70.

Read Our Latest Report on Nextracker

Nextracker Trading Down 0.5 %

The stock has a market capitalization of $7.11 billion, a PE ratio of 27.84, a price-to-earnings-growth ratio of 0.59 and a beta of 1.94. The firm’s fifty day moving average is $56.46 and its 200-day moving average is $45.93.

Nextracker (NASDAQ:NXTGet Free Report) last released its earnings results 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 during the quarter, compared to the consensus estimate of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. As a group, equities analysts predict that Nextracker Inc. will post 2.35 EPS for the current year.

Insider Buying and Selling at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the business’s 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 completion of 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 filing with the SEC, which is accessible through this link. In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction dated 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 disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. C M Bidwell & Associates Ltd. acquired a new position in Nextracker in the second quarter valued at approximately $34,000. Tucker Asset Management LLC acquired a new position in Nextracker in the third quarter valued at approximately $42,000. Wahed Invest LLC acquired a new position in Nextracker in the fourth quarter valued at approximately $43,000. Atlas Capital Advisors LLC acquired a new position in Nextracker in the fourth quarter valued at approximately $51,000. Finally, Tower Research Capital LLC TRC acquired a new position in Nextracker in the first quarter valued at approximately $55,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Company Profile

(Get Free Report)

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.

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