Nextracker Inc. (NASDAQ:NXT) Receives $58.18 Consensus Target Price from Analysts

Nextracker Inc. (NASDAQ:NXT) has received a consensus rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $57.90.

Several research analysts have weighed in on NXT shares. Susquehanna assumed coverage on shares of Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 price objective on the stock. Jefferies Financial Group began coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Truist Financial lowered their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Guggenheim cut their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Nextracker in the first quarter worth about $25,000. GAMMA Investing LLC increased its position in 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. TFC Financial Management Inc. acquired a new position in shares of Nextracker during the second quarter worth approximately $32,000. Fifth Third Bancorp boosted its position in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Nextracker in the second quarter worth $35,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NXT stock opened at $35.97 on Tuesday. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 10.71, a P/E/G ratio of 5.32 and a beta of 2.47. Nextracker has a 1-year low of $32.19 and a 1-year high of $62.31. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $38.99 and its 200-day simple moving average is $46.15.

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 analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 EPS. On average, sell-side analysts predict that Nextracker will post 2.57 earnings per share for the current fiscal year.

About Nextracker

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.