Nextracker (NASDAQ:NXT) Posts Earnings Results, Beats Expectations By $0.31 EPS

Nextracker (NASDAQ:NXT) issued its quarterly earnings results on Tuesday. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.58 by $0.31, Zacks reports. Nextracker had a net margin of 17.26% and a return on equity of 559.17%.

Nextracker Stock Performance

NASDAQ:NXT traded down $0.01 during midday trading on Tuesday, reaching $39.62. The stock had a trading volume of 4,669,118 shares, compared to its average volume of 2,888,277. The stock has a market capitalization of $5.77 billion, a P/E ratio of 9.88 and a beta of 2.04. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm’s fifty day simple moving average is $38.90 and its 200-day simple moving average is $39.02.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NXT. Bank of America decreased their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Barclays dropped their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Northland Securities restated an “outperform” rating and set a $48.00 price target on shares of Nextracker in a report on Tuesday, November 19th. BMO Capital Markets dropped their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Finally, Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.10.

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.