Nextracker (NASDAQ:NXT) Price Target Lowered to $62.00 at JPMorgan Chase & Co.

Nextracker (NASDAQ:NXT) had its price target trimmed by JPMorgan Chase & Co. from $65.00 to $62.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Truist Financial decreased their price target on Nextracker from $70.00 to $65.00 and set a buy rating for the company in a report on Monday, July 29th. Roth Mkm cut their target price on Nextracker from $70.00 to $65.00 and set a buy rating for the company in a research note on Friday. Fox Advisors raised shares of Nextracker from an equal weight rating to an overweight rating and set a $60.00 target price on the stock in a research note on Wednesday, May 15th. 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 report on Friday, April 19th. Finally, BMO Capital Markets cut their target price on Nextracker from $62.00 to $56.00 and set a market perform rating on the stock in a research note on Wednesday, May 15th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $58.68.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $39.81 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. Nextracker has a one year low of $32.14 and a one year high of $62.31. The stock’s fifty day moving average price is $51.35 and its two-hundred day moving average price is $51.59. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 11.49 and a beta of 2.49.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 20.75%. The company’s revenue was up 50.1% on a year-over-year basis. 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 year.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was 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 document filed with the SEC, which is accessible through this link. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several large investors have recently made changes to their positions in NXT. Arizona State Retirement System increased its stake in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Nextracker by 5.7% in the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock valued at $96,218,000 after purchasing an additional 110,707 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in Nextracker during the 2nd quarter worth approximately $1,195,000. Rhumbline Advisers lifted its holdings in Nextracker by 99.7% during the 2nd quarter. Rhumbline Advisers now owns 418,570 shares of the company’s stock worth $19,623,000 after buying an additional 208,953 shares in the last quarter. Finally, Versor Investments LP purchased a new position in Nextracker in the 2nd quarter valued at approximately $628,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.