Nextracker (NASDAQ:NXT) Reaches New 52-Week Low – Here’s What Happened

Nextracker Inc. (NASDAQ:NXT) reached a new 52-week low during trading on Monday . The company traded as low as $32.31 and last traded at $32.31, with a volume of 470290 shares trading hands. The stock had previously closed at $33.52.

Analyst Ratings Changes

NXT has been the topic of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 target price on shares of Nextracker in a research report 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 note on Friday, August 16th. Truist Financial cut their target price on Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Susquehanna dropped their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Finally, Barclays reduced their price objective 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 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 currently has a consensus rating of “Moderate Buy” and an average target price of $56.65.

Nextracker Stock Performance

The firm has a fifty day simple moving average of $37.04 and a 200-day simple moving average of $44.38. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 8.50 and a beta of 2.47. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT) last released its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the previous year, the business earned $0.48 EPS. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. Analysts forecast that Nextracker Inc. will post 2.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Large investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. increased its holdings in Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC raised its position in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares during the last quarter. Hilltop National Bank lifted its stake in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after acquiring an additional 343 shares in the last quarter. Arizona State Retirement System boosted its position in Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after acquiring an additional 372 shares during the last quarter. Finally, Wedbush Securities Inc. grew its stake in shares of Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after acquiring an additional 461 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

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.