Wells Fargo & Company Cuts Nextracker (NASDAQ:NXT) Price Target to $58.00

Nextracker (NASDAQ:NXT) had its price target decreased by Wells Fargo & Company from $64.00 to $58.00 in a research note issued to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on the company. Truist Financial cut their price target on Nextracker from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Barclays dropped their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a research note on Friday, August 2nd. Guggenheim lowered their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Susquehanna reduced their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.45.

Nextracker Stock Up 24.6 %

Nextracker stock opened at $39.82 on Tuesday. The company’s 50-day moving average price is $36.15 and its two-hundred day moving average price is $43.64. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The stock has a market cap of $5.79 billion, a P/E ratio of 9.93 and a beta of 2.47. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 124.74% and a net margin of 17.26%. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same period in the previous year, the company posted $0.48 EPS. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. As a group, analysts expect that Nextracker will post 2.52 EPS for the current year.

Institutional Trading of Nextracker

Hedge funds have recently bought and sold shares of the business. Amalgamated Bank raised its stake in Nextracker by 10.7% in the 3rd quarter. Amalgamated Bank now owns 65,762 shares of the company’s stock valued at $2,465,000 after acquiring an additional 6,344 shares during the period. Van ECK Associates Corp lifted its stake in shares of Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after buying an additional 14,249 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Nextracker by 111.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 75,032 shares of the company’s stock worth $2,812,000 after buying an additional 39,567 shares during the period. Arcadia Investment Management Corp MI bought a new position in Nextracker in the 3rd quarter worth approximately $75,000. Finally, Greenwich Wealth Management LLC grew its stake in Nextracker by 12.5% in the 3rd quarter. Greenwich Wealth Management LLC now owns 9,499 shares of the company’s stock valued at $356,000 after buying an additional 1,054 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Company Profile

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.