Nextracker (NASDAQ:NXT) PT Lowered to $50.00 at Susquehanna

Nextracker (NASDAQ:NXT) had its target price cut by Susquehanna from $59.00 to $50.00 in a research note published on Wednesday, Benzinga reports. They currently have a positive rating on the stock.

A number of other equities research analysts have also recently weighed in on NXT. Bank of America lifted their price objective on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Barclays decreased their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Jefferies Financial Group started coverage on shares of Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Truist Financial dropped their price target on Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $56.65.

Nextracker Stock Down 0.1 %

Shares of NASDAQ NXT opened at $33.52 on Wednesday. The firm’s 50-day moving average is $37.31 and its two-hundred day moving average is $44.74. The company has a market capitalization of $4.87 billion, a PE ratio of 8.89 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. Nextracker has a 12-month low of $32.19 and a 12-month high of $62.31.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Virtu Financial LLC raised its holdings in shares of Nextracker by 228.3% during the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after purchasing an additional 26,700 shares during the period. Graybill Wealth Management LTD. acquired a new position in Nextracker during the 1st quarter worth approximately $1,643,000. Diversify Advisory Services LLC bought a new position in Nextracker in the second quarter worth approximately $1,270,000. Commonwealth Equity Services LLC acquired a new stake in Nextracker in the first quarter valued at approximately $2,819,000. Finally, Sei Investments Co. increased its holdings in shares of Nextracker by 509.6% during the first quarter. Sei Investments Co. now owns 244,474 shares of the company’s stock valued at $13,757,000 after acquiring an additional 204,369 shares in the last quarter. Institutional investors and hedge funds 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.