Nextracker (NASDAQ:NXT) Price Target Lowered to $50.00 at Truist Financial

Nextracker (NASDAQ:NXT) had its price objective trimmed by Truist Financial from $65.00 to $50.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Barclays reduced their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Susquehanna began coverage on shares of Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 target price for the company. Guggenheim decreased their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Bank of America lifted their price objective on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. reduced their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.85.

Nextracker Trading Up 2.5 %

NXT stock opened at $35.04 on Wednesday. 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 firm has a market cap of $5.09 billion, a P/E ratio of 10.43, a P/E/G ratio of 5.19 and a beta of 2.47. Nextracker has a 1-year low of $32.19 and a 1-year high of $62.31. The business’s 50 day moving average is $37.57 and its 200-day moving average is $44.97.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period in the prior year, the company posted $0.48 earnings per share. The business’s revenue for the quarter was up 50.1% compared to the same quarter last year. Equities analysts anticipate that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Trading of Nextracker

Institutional investors have recently bought and sold shares of the business. Virtu Financial LLC boosted its position in shares of Nextracker by 228.3% in the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after purchasing an additional 26,700 shares during the last quarter. Graybill Wealth Management LTD. bought a new position in Nextracker during the first quarter worth about $1,643,000. Diversify Advisory Services LLC acquired a new position in shares of Nextracker during the 2nd quarter worth about $1,270,000. Commonwealth Equity Services LLC bought a new stake in shares of Nextracker in the 1st quarter valued at about $2,819,000. Finally, Sei Investments Co. increased its stake in shares of Nextracker by 509.6% in the 1st quarter. Sei Investments Co. now owns 244,474 shares of the company’s stock valued at $13,757,000 after acquiring an additional 204,369 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.