Robert W. Baird Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target cut by equities research analysts at Robert W. Baird from $59.00 to $48.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 20.85% from the stock’s previous close.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group raised their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Piper Sandler increased their price target on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Guggenheim raised their target price on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.82.

Nextracker Stock Down 2.1 %

Shares of Nextracker stock opened at $39.72 on Tuesday. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 10.11 and a beta of 2.02. The stock has a 50-day simple moving average of $43.43 and a 200-day simple moving average of $40.35. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. On average, equities research analysts expect that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Nextracker

Several large investors have recently made changes to their positions in NXT. Vanguard Group Inc. grew its stake in Nextracker by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after buying an additional 243,635 shares during the last quarter. Invesco Ltd. grew its position in Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Geode Capital Management LLC increased 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 valued at $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Sachem Head Capital Management LP raised its position in Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock valued at $108,768,000 after purchasing an additional 122,500 shares during the last quarter. Finally, Norges Bank acquired a new position in Nextracker in the fourth quarter worth $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.