Truist Financial Cuts Nextracker (NASDAQ:NXT) Price Target to $50.00

Nextracker (NASDAQ:NXT) had its target price decreased by Truist Financial from $65.00 to $50.00 in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Susquehanna started coverage on Nextracker in a research report on Friday, June 28th. They set a “positive” rating and a $59.00 price target on the stock. Barclays lowered their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, BMO Capital Markets lowered their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $56.65.

Nextracker Stock Down 0.1 %

NXT opened at $33.52 on Wednesday. Nextracker has a 12 month low of $32.19 and a 12 month 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 stock has a market cap of $4.87 billion, a P/E ratio of 8.89 and a beta of 2.47. The stock’s 50 day moving average price is $37.31 and its 200 day moving average price is $44.74.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 EPS 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 analysts’ expectations of $616.71 million. During the same period last year, the firm earned $0.48 EPS. The firm’s revenue was up 50.1% compared to the same quarter last year. As a group, research analysts predict that Nextracker will post 2.52 earnings per share for the current year.

Institutional Trading of Nextracker

Institutional investors have recently bought and sold shares of the company. 1832 Asset Management L.P. raised its holdings in Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after buying an additional 275 shares in the last quarter. GAMMA Investing LLC raised its holdings in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares in the last quarter. Hilltop National Bank raised its holdings in Nextracker by 40.6% during the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after buying an additional 343 shares in the last quarter. Arizona State Retirement System raised its holdings in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares in the last quarter. Finally, Wedbush Securities Inc. raised its holdings in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after buying an additional 461 shares in the last quarter. Institutional investors and hedge funds 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.