Nextracker (NASDAQ:NXT) PT Lowered to $50.00

Nextracker (NASDAQ:NXT) had its target price decreased by analysts at Truist Financial from $65.00 to $50.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 42.90% from the stock’s current price.

Several other analysts have also weighed in on the stock. Roth Mkm lowered their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Guggenheim cut their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Susquehanna assumed coverage on Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 price objective on the stock. Jefferies Financial Group assumed coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price on the stock. Finally, Bank of America upped their target price on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $56.62.

Nextracker Price Performance

Shares of NASDAQ NXT traded up $0.79 during midday trading on Wednesday, hitting $34.99. The company had a trading volume of 572,083 shares, compared to its average volume of 3,762,807. 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 business has a 50-day simple moving average of $37.66 and a two-hundred day simple moving average of $45.04. Nextracker has a twelve month low of $32.19 and a twelve month high of $62.31. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. Equities research analysts anticipate that Nextracker will post 2.52 earnings per share for the current year.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. TFC Financial Management Inc. bought a new position in Nextracker in the 2nd quarter worth about $32,000. Fifth Third Bancorp raised its stake in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Nextracker during the 2nd quarter worth $35,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Nextracker during the 1st quarter valued at about $37,000. 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.