Nextracker (NASDAQ:NXT) PT Lowered to $50.00

Nextracker (NASDAQ:NXT) had its price objective lowered by analysts at Susquehanna from $59.00 to $50.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “positive” rating on the stock. Susquehanna’s price target would suggest a potential upside of 48.94% from the stock’s current price.

Several other research firms have also recently commented on NXT. Barclays reduced their target price 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. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. BMO Capital Markets reduced their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday. Guggenheim cut their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. cut their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.65.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $33.57 on Wednesday. The stock has a market cap of $4.87 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47. Nextracker has a fifty-two week low of $32.19 and a fifty-two 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 stock has a fifty day moving average of $37.44 and a 200-day moving average of $44.89.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping 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 business had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same period in the previous year, the business earned $0.48 earnings per share. The firm’s revenue was up 50.1% on a year-over-year basis. Equities research analysts anticipate that Nextracker will post 2.52 earnings per share for the current year.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently modified their holdings of NXT. Vanguard Group Inc. raised its position in Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after purchasing an additional 7,821,368 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Nextracker during the 2nd quarter valued at approximately $43,078,000. Earnest Partners LLC bought a new position in Nextracker during the 1st quarter valued at approximately $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nextracker by 1,800.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after purchasing an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after purchasing an additional 713,463 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

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.