Nextracker (NASDAQ:NXT) Price Target Lowered to $48.00 at Robert W. Baird

Nextracker (NASDAQ:NXT - Get Free Report) had its target price dropped by investment analysts at Robert W. Baird from $59.00 to $48.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's price target would indicate a potential upside of 19.11% from the stock's previous close.

A number of other brokerages have also issued reports on NXT. Royal Bank of Canada started coverage on Nextracker in a research report on Monday, March 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Barclays decreased their price objective on shares of Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Citigroup cut their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. Truist Financial reiterated a "buy" rating and issued a $56.00 price target (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Guggenheim upped their price objective on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $55.64.

Nextracker Stock Up 1.5 %

Shares of NASDAQ NXT traded up $0.58 on Tuesday, hitting $40.30. The company had a trading volume of 1,220,198 shares, compared to its average volume of 3,011,559. The firm has a market capitalization of $5.87 billion, a P/E ratio of 10.25 and a beta of 2.02. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The business has a 50 day moving average of $43.22 and a two-hundred day moving average of $40.39.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, equities research analysts forecast that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Nextracker by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after acquiring an additional 243,635 shares during the last quarter. Invesco Ltd. increased its stake in Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Geode Capital Management LLC raised its holdings in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after buying an additional 679,272 shares during the period. Sachem Head Capital Management LP lifted its stake in Nextracker by 4.3% during the fourth quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after buying an additional 122,500 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Nextracker in the fourth quarter worth about $106,166,000. 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 distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.