Nextracker (NASDAQ:NXT) PT Lowered to $47.00

Nextracker (NASDAQ:NXT) had its price objective cut by equities researchers at Barclays from $61.00 to $47.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 28.45% from the stock’s previous close.

Several other research firms also recently weighed in on NXT. JPMorgan Chase & Co. reduced their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Roth Mkm dropped their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Susquehanna started coverage on Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 price target for the company. Bank of America upped their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Truist Financial dropped their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.90.

Nextracker Stock Up 0.6 %

Shares of NASDAQ:NXT opened at $36.59 on Thursday. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. Nextracker has a 52-week low of $32.14 and a 52-week high of $62.31. The stock’s fifty day simple moving average is $38.99 and its 200-day simple moving average is $46.31. The company has a market capitalization of $5.31 billion, a P/E ratio of 10.89, a P/E/G ratio of 5.32 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (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 business had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. During the same period in the prior year, the business earned $0.48 earnings per share. The business’s revenue was up 50.1% on a year-over-year basis. As a group, equities research analysts forecast that Nextracker will post 2.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently bought and sold shares of the business. Virtu Financial LLC lifted its holdings in Nextracker by 228.3% during the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares during the last quarter. Graybill Wealth Management LTD. bought a new position in Nextracker during the 1st quarter worth approximately $1,643,000. Diversify Advisory Services LLC bought a new position in Nextracker during the 2nd quarter worth approximately $1,270,000. Commonwealth Equity Services LLC bought a new position in Nextracker during the 1st quarter worth approximately $2,819,000. Finally, Sei Investments Co. lifted its holdings in Nextracker by 509.6% during the 1st quarter. Sei Investments Co. now owns 244,474 shares of the company’s stock worth $13,757,000 after buying an additional 204,369 shares during 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.