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

Nextracker (NASDAQ:NXT) had its price target decreased by Guggenheim from $73.00 to $60.00 in a research report report published on Tuesday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets assumed 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 on the stock. JPMorgan Chase & Co. reduced their price target on shares of Nextracker from $73.00 to $67.00 and set an overweight rating on the stock in a research report on Thursday, February 29th. The Goldman Sachs Group raised their target price on shares of Nextracker from $62.00 to $70.00 and gave the stock a buy rating in a report on Thursday, February 1st. Citigroup raised their target price on shares of Nextracker from $45.00 to $52.00 and gave the stock a neutral rating in a report on Wednesday, January 31st. Finally, Barclays cut shares of Nextracker from an overweight rating to an equal weight rating and raised their target price for the stock from $55.00 to $63.00 in a report on Tuesday, April 2nd. Three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $58.59.

Nextracker Price Performance

Shares of Nextracker stock opened at $42.98 on Tuesday. The business has a 50-day moving average of $54.39 and a 200-day moving average of $46.77. The company has a market capitalization of $5.87 billion, a PE ratio of 22.98, a P/E/G ratio of 0.37 and a beta of 1.94. Nextracker has a 1-year low of $29.28 and a 1-year high of $62.14.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, topping 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 business had revenue of $710.43 million for the quarter, compared to analysts’ expectations of $615.53 million. On average, equities analysts expect that Nextracker will post 2.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the transaction, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction 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 completion of the sale, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction 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 sale, 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 Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Lindbrook Capital LLC bought a new position in shares of Nextracker during the 1st quarter worth about $34,000. Bruce G. Allen Investments LLC bought a new position in shares of Nextracker during the 1st quarter worth about $37,000. Toth Financial Advisory Corp bought a new position in shares of Nextracker during the 1st quarter worth about $38,000. Capital Advisors Ltd. LLC bought a new position in shares of Nextracker during the 1st quarter worth about $46,000. Finally, Wahed Invest LLC bought a new position in shares of Nextracker during the 4th quarter worth about $43,000. 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.