Jefferies Financial Group Begins Coverage on Nextracker (NASDAQ:NXT)

Jefferies Financial Group initiated coverage on shares of Nextracker (NASDAQ:NXT) in a report published on Wednesday, MarketBeat reports. The brokerage issued a hold rating and a $46.00 price target on the stock.

Other research analysts have also recently issued research reports about the company. Barclays cut their target price on Nextracker from $63.00 to $61.00 and set an equal weight rating on the stock in a research note on Tuesday, July 16th. Guggenheim decreased their target price on Nextracker from $60.00 to $55.00 and set a buy rating for the company in a research report on Friday, August 16th. BMO Capital Markets reduced their price target on shares of Nextracker from $62.00 to $56.00 and set a market perform rating on the stock in a research note on Wednesday, May 15th. Wells Fargo & Company reduced their price target on shares of Nextracker from $68.00 to $64.00 and set an overweight rating on the stock in a research note on Wednesday, May 15th. Finally, Bank of America raised their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a buy rating in a research note on Wednesday, July 17th. Five investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $57.91.

Nextracker Trading Down 4.0 %

Shares of NASDAQ NXT opened at $34.60 on Wednesday. Nextracker has a 1-year low of $32.14 and a 1-year high of $62.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The business’s 50 day moving average is $43.43 and its two-hundred day moving average is $49.38. The stock has a market capitalization of $5.02 billion, a P/E ratio of 10.30, a PEG ratio of 5.87 and a beta of 2.49.

Nextracker (NASDAQ:NXT) last released its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The firm had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. During the same quarter in the previous year, the company posted $0.48 EPS. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. As a group, research analysts expect that Nextracker will post 2.57 EPS for the current year.

Institutional Trading of Nextracker

A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp purchased a new position in shares of Nextracker in the 4th quarter valued at approximately $2,176,000. National Bank of Canada FI purchased a new position in shares of Nextracker in the 4th quarter valued at approximately $2,303,000. Charles Schwab Investment Management Inc. raised its position in shares of Nextracker by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 385,820 shares of the company’s stock valued at $18,076,000 after purchasing an additional 5,012 shares during the last quarter. SCP Investment LP purchased a new position in shares of Nextracker in the 4th quarter valued at approximately $424,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Nextracker in the 4th quarter valued at approximately $265,000. 67.41% of the stock is currently owned by institutional investors.

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.