Nextracker (NASDAQ:NXT) Downgraded to “Market Perform” at Northland Securities

Nextracker (NASDAQ:NXT) was downgraded by research analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a research note issued on Friday, Briefing.com reports. They presently have a $44.00 target price on the stock, down from their prior target price of $60.00. Northland Securities’ target price suggests a potential upside of 1.08% from the company’s current price.

A number of other brokerages have also recently issued reports on NXT. JPMorgan Chase & Co. dropped their target price on Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Mizuho decreased their price target on Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. 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 target on the stock. Cantor Fitzgerald increased their price target on Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. Finally, Bank of America increased their price target on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $58.55.

Nextracker Price Performance

Shares of NASDAQ NXT traded up $0.55 during mid-day trading on Friday, hitting $43.53. The company had a trading volume of 546,600 shares, compared to its average volume of 4,147,296. The business’s 50-day simple moving average is $54.39 and its 200-day simple moving average is $46.77. The firm has a market cap of $5.94 billion, a P/E ratio of 23.18, a PEG ratio of 0.37 and a beta of 1.94. Nextracker has a 12 month low of $29.28 and a 12 month high of $62.14.

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

Insider Activity at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the business’s 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 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction that occurred on 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 approximately $585,374.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the business’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 transaction, 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently made changes to their positions in NXT. Keybank National Association OH lifted its holdings in shares of Nextracker by 7.1% during the third quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock valued at $274,000 after purchasing an additional 455 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Nextracker by 3.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock worth $652,000 after buying an additional 541 shares in the last quarter. Lindbrook Capital LLC purchased a new stake in Nextracker in the first quarter worth about $34,000. Bruce G. Allen Investments LLC purchased a new stake in Nextracker in the first quarter worth about $37,000. Finally, Toth Financial Advisory Corp bought a new position in shares of Nextracker in the first quarter worth about $38,000. 67.41% of the stock is currently owned by institutional investors.

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.