Nextracker (NASDAQ:NXT) PT Lowered to $50.00

Nextracker (NASDAQ:NXT) had its price objective lowered by research analysts at Susquehanna from $59.00 to $50.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s price target would indicate a potential upside of 48.94% from the company’s previous close.

NXT has been the topic of several other research reports. Bank of America upped their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Jefferies Financial Group assumed coverage on Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. cut their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays cut their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.65.

Nextracker Stock Down 4.2 %

NXT stock opened at $33.57 on Wednesday. Nextracker has a fifty-two week low of $32.19 and a fifty-two week high of $62.31. The business’s 50 day moving average price is $37.44 and its two-hundred day moving average price is $44.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to the consensus estimate 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 prior year, the business earned $0.48 EPS. As a group, analysts forecast that Nextracker will post 2.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nextracker

Several hedge funds and other institutional investors have recently modified their holdings of the company. AlphaMark Advisors LLC bought a new position in shares of Nextracker during the 3rd quarter valued at $306,000. Secure Asset Management LLC bought a new position in Nextracker in the 3rd quarter worth $1,370,000. Renaissance Capital LLC raised its holdings in Nextracker by 48.5% in the 3rd quarter. Renaissance Capital LLC now owns 154,389 shares of the company’s stock worth $5,786,000 after purchasing an additional 50,414 shares during the period. Creative Planning raised its holdings in Nextracker by 19.4% in the 3rd quarter. Creative Planning now owns 36,186 shares of the company’s stock worth $1,356,000 after purchasing an additional 5,869 shares during the period. Finally, Gateway Investment Advisers LLC raised its holdings in Nextracker by 12.8% in the 3rd quarter. Gateway Investment Advisers LLC now owns 8,618 shares of the company’s stock worth $323,000 after purchasing an additional 976 shares during the period. 67.41% of the stock is 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.