Wells Fargo & Company Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

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

A number of other research firms have also recently weighed in on NXT. Susquehanna dropped their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Jefferies Financial Group assumed coverage on Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price for the company. Bank of America raised their target price on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Barclays reduced their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Guggenheim cut their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $55.65.

Nextracker Stock Down 0.5 %

Shares of NASDAQ NXT opened at $39.61 on Tuesday. The stock has a market cap of $5.76 billion, a PE ratio of 9.88 and a beta of 2.47. The business has a fifty day moving average of $36.10 and a two-hundred day moving average of $43.60. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping 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 company had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period in the previous year, the company earned $0.48 EPS. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. As a group, equities research analysts expect that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NXT. Vanguard Group Inc. grew its stake in shares of Nextracker by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after acquiring an additional 216,674 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in shares of Nextracker during the 4th quarter worth about $183,000. Park Avenue Securities LLC acquired a new stake in shares of Nextracker during the 1st quarter worth about $268,000. Allspring Global Investments Holdings LLC raised its position in shares of Nextracker by 15.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 450,298 shares of the company’s stock worth $25,338,000 after acquiring an additional 61,934 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. acquired a new stake in shares of Nextracker during the 1st quarter worth about $150,000. 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 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.