Nextracker (NASDAQ:NXT) Shares Gap Down Following Analyst Downgrade

Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s stock price gapped down prior to trading on Friday after Roth Mkm lowered their price target on the stock from $70.00 to $65.00. The stock had previously closed at $46.83, but opened at $42.53. Roth Mkm currently has a buy rating on the stock. Nextracker shares last traded at $43.11, with a volume of 942,125 shares.

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Other research analysts also recently issued research reports about the stock. Scotiabank lowered their price objective on shares of Nextracker from $55.00 to $50.00 and set a "sector outperform" rating on the stock in a report on Monday, April 29th. Bank of America increased their target price on shares of Nextracker from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, July 17th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 target price on shares of Nextracker in a report on Friday. Fox Advisors upgraded shares of Nextracker from an "equal weight" rating to an "overweight" rating and set a $60.00 target price for the company in a report on Wednesday, May 15th. Finally, Truist Financial lowered their target price on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating for the company in a report on Monday. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.82.

Check Out Our Latest Report on Nextracker

Insiders Place Their Bets

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In other news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the sale, the insider now directly owns 17,387 shares of the company's stock, valued at $763,463.17. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Nextracker

Institutional investors and hedge funds have recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Nextracker in the first quarter worth about $25,000. Lindbrook Capital LLC purchased a new stake in Nextracker in the first quarter valued at approximately $34,000. GAMMA Investing LLC raised its stake in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company's stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Nextracker in the first quarter valued at approximately $37,000. Finally, Toth Financial Advisory Corp purchased a new stake in Nextracker in the first quarter valued at approximately $38,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Price Performance

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The business's 50 day moving average is $51.65 and its two-hundred day moving average is $51.45. The firm has a market capitalization of $5.91 billion, a PE ratio of 12.18 and a beta of 2.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.38. The business had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. As a group, research analysts anticipate that Nextracker Inc. will post 2.62 EPS for the current year.

About Nextracker

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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