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

Nextracker (NASDAQ:NXT) had its price target decreased by research analysts at Robert W. Baird from $71.00 to $53.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target would suggest a potential upside of 33.80% from the company’s current price.

Several other analysts have also issued reports on the stock. Roth Mkm dropped their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Guggenheim reduced their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Finally, Susquehanna cut their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.65.

Nextracker Stock Performance

NXT opened at $39.61 on Thursday. The business’s 50-day simple moving average is $36.10 and its 200 day simple moving average is $43.60. 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 0.13, a quick ratio of 1.91 and a current ratio of 2.11. 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 quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The company had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 124.74% and a net margin of 17.26%. During the same quarter in the prior year, the business posted $0.48 EPS. The business’s revenue was up 50.1% compared to the same quarter last year. As a group, sell-side analysts expect that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in NXT. GAMMA Investing LLC grew its position in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. TFC Financial Management Inc. acquired a new stake in shares of Nextracker during the 2nd quarter worth $32,000. Fifth Third Bancorp increased its position in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the period. Rothschild Investment LLC acquired a new position in Nextracker in the second quarter valued at about $35,000. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in Nextracker during the first quarter worth about $44,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.