Nextracker (NASDAQ:NXT) Shares Gap Up – Still a Buy?

Nextracker Inc. (NASDAQ:NXT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $31.97, but opened at $38.88. Nextracker shares last traded at $37.83, with a volume of 3,498,804 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on NXT. Wells Fargo & Company decreased their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. decreased their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Guggenheim dropped their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Robert W. Baird decreased their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, BMO Capital Markets dropped their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $55.65.

Nextracker Stock Down 0.5 %

The company’s fifty day simple moving average is $36.10 and its 200 day simple moving average is $43.60. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.76 billion, a PE ratio of 9.88 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last announced its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 124.74% and a net margin of 17.26%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the prior year, the company earned $0.48 EPS. The business’s revenue was up 50.1% compared to the same quarter last year. Analysts anticipate that Nextracker Inc. will post 2.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd increased its stake in shares of Nextracker by 240.9% during the third quarter. Covestor Ltd now owns 3,010 shares of the company’s stock valued at $113,000 after purchasing an additional 2,127 shares in the last quarter. Amalgamated Bank increased its position in Nextracker by 10.7% during the 3rd quarter. Amalgamated Bank now owns 65,762 shares of the company’s stock valued at $2,465,000 after buying an additional 6,344 shares in the last quarter. Van ECK Associates Corp increased its position in Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after buying an additional 14,249 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in Nextracker by 111.6% during the third quarter. Harbor Capital Advisors Inc. now owns 75,032 shares of the company’s stock valued at $2,812,000 after buying an additional 39,567 shares during the last quarter. Finally, Arcadia Investment Management Corp MI bought a new stake in Nextracker in the third quarter worth $75,000. Institutional investors own 67.41% of the company’s stock.

About Nextracker

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.