Nextracker (NASDAQ:NXT) Earns “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Nextracker (NASDAQ:NXT) in a report published on Friday morning, Benzinga reports. They currently have a $55.00 target price on the stock.

NXT has been the subject of a number of other reports. Truist Financial dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a buy rating for the company in a research note on Monday, July 29th. Fox Advisors upgraded Nextracker from an equal weight rating to an overweight rating and set a $60.00 target price for the company in a report on Wednesday, May 15th. Guggenheim decreased their price target on Nextracker from $73.00 to $60.00 and set a buy rating on the stock in a report on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Nextracker from $63.00 to $65.00 and gave the stock an overweight rating in a research note on Tuesday, July 16th. Finally, Mizuho reduced their target price on shares of Nextracker from $64.00 to $59.00 and set a buy rating on the stock in a research note on Friday, April 19th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $58.68.

Nextracker Stock Performance

Shares of NASDAQ NXT traded down $1.44 during midday trading on Friday, hitting $40.54. 2,657,228 shares of the stock traded hands, compared to its average volume of 4,066,473. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98. Nextracker has a one year low of $32.14 and a one year high of $62.31. The firm has a market capitalization of $5.88 billion, a P/E ratio of 11.49 and a beta of 2.49. The firm has a 50-day moving average of $51.35 and a two-hundred day moving average of $51.59.

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. The company had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. Nextracker’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 earnings per share. On average, equities analysts forecast that Nextracker will post 2.62 EPS for the current fiscal year.

Insider Activity at Nextracker

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the period. Norges Bank bought a new position in shares of Nextracker during the 4th quarter worth about $120,861,000. Victory Capital Management Inc. boosted its holdings in Nextracker by 5.7% in the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock worth $96,218,000 after acquiring an additional 110,707 shares in the last quarter. Handelsbanken Fonder AB grew its stake in Nextracker by 30.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after acquiring an additional 446,034 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Nextracker by 21,759.3% during the first quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock valued at $89,287,000 after acquiring an additional 1,579,507 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 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.