Truist Financial Cuts Nextracker (NASDAQ:NXT) Price Target to $65.00

Nextracker (NASDAQ:NXT) had its price target lowered by equities research analysts at Truist Financial from $70.00 to $65.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 38.65% from the company’s current price.

Several other research analysts have also issued reports on NXT. Roth Mkm reiterated a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research report on Wednesday, May 15th. Northland Securities downgraded shares of Nextracker from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $60.00 to $44.00 in a research note on Friday, April 26th. Wells Fargo & Company cut their price objective on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. Guggenheim decreased their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, April 23rd. Finally, Barclays cut their price target on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.36.

Nextracker Stock Performance

NASDAQ:NXT opened at $46.88 on Monday. The stock has a market cap of $6.80 billion, a P/E ratio of 13.95 and a beta of 2.52. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $51.82 and its two-hundred day moving average price is $51.50. Nextracker has a twelve month low of $32.14 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. As a group, equities analysts predict that Nextracker will post 2.62 EPS for the current fiscal year.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. 1832 Asset Management L.P. raised its holdings in Nextracker by 0.3% in the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the period. Hilltop National Bank increased its stake in shares of Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after acquiring an additional 343 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Nextracker during the 1st quarter valued at about $25,000. Finally, Paradice Investment Management LLC lifted its position in Nextracker by 9.3% during the 1st quarter. Paradice Investment Management LLC now owns 5,682 shares of the company’s stock valued at $320,000 after acquiring an additional 482 shares during the period. Hedge funds and other 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.