Roth Mkm Cuts Nextracker (NASDAQ:NXT) Price Target to $65.00

Nextracker (NASDAQ:NXT) had its target price decreased by Roth Mkm from $70.00 to $65.00 in a report issued on Friday morning, Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Susquehanna started coverage on Nextracker in a research note on Friday, June 28th. They issued a positive rating and a $59.00 price objective on the stock. Fox Advisors raised shares of Nextracker from an equal weight rating to an overweight rating and set a $60.00 price objective for the company in a research note on Wednesday, May 15th. Guggenheim dropped their target price on shares of Nextracker from $73.00 to $60.00 and set a buy rating for the company in a report on Tuesday, April 23rd. Cantor Fitzgerald reissued an overweight rating and set a $55.00 price target on shares of Nextracker in a report on Friday. Finally, Bank of America upped their price objective on Nextracker from $64.00 to $66.00 and gave the stock a buy rating in a research note on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $58.68.

Nextracker Stock Performance

NASDAQ:NXT traded down $1.66 on Friday, hitting $40.32. The stock had a trading volume of 1,831,503 shares, compared to its average volume of 4,060,931. The business’s 50-day simple moving average is $51.35 and its two-hundred day simple moving average is $51.59. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 11.49 and a beta of 2.49. Nextracker has a 52-week low of $32.14 and a 52-week high of $62.31. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last announced its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 20.75%. The business had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same period in the prior year, the company earned $0.48 earnings per share. The firm’s revenue was up 50.1% on a year-over-year basis. As a group, research analysts predict that Nextracker will post 2.62 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.27% of the stock is owned by insiders.

Institutional Trading of Nextracker

Several hedge funds have recently modified their holdings of the company. Van ECK Associates Corp acquired a new position in shares of Nextracker during the fourth quarter worth $2,176,000. Baader Bank Aktiengesellschaft purchased a new stake in Nextracker in the fourth quarter valued at about $211,000. Hsbc Holdings PLC boosted its holdings in Nextracker by 22.7% in the fourth quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after acquiring an additional 53,904 shares in the last quarter. Virtu Financial LLC increased its holdings in 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 buying an additional 26,700 shares during the period. Finally, Moody Aldrich Partners LLC raised its position in Nextracker by 117.0% during the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after buying an additional 72,441 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.