Truist Financial Trims Nextracker (NASDAQ:NXT) Target Price to $65.00

Nextracker (NASDAQ:NXT) had its price objective trimmed by Truist Financial from $70.00 to $65.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on NXT. Bank of America increased their target price on Nextracker from $64.00 to $66.00 and gave the stock a buy rating in a research report on Wednesday, July 17th. Piper Sandler lowered their target price on Nextracker from $66.00 to $64.00 and set an overweight rating for the company in a research note on Thursday, April 11th. JPMorgan Chase & Co. increased their target price on Nextracker from $63.00 to $65.00 and gave the company an overweight rating in a research note on Tuesday, July 16th. Barclays lowered their target price on Nextracker from $63.00 to $61.00 and set an equal weight rating for the company in a research note on Tuesday, July 16th. Finally, Daiwa Capital Markets began coverage on Nextracker in a research note on Monday, April 1st. They issued an outperform rating and a $63.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $59.36.

Nextracker Stock Up 4.8 %

Shares of NASDAQ:NXT opened at $49.14 on Monday. 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 has a 52-week low of $32.14 and a 52-week high of $62.31. The stock’s fifty day simple moving average is $51.74 and its 200-day simple moving average is $51.48. The company has a market capitalization of $7.13 billion, a P/E ratio of 14.63 and a beta of 2.51.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The firm had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. As a group, equities research analysts forecast that Nextracker will post 2.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 12,135 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the sale, the insider now owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

Several hedge funds have recently made changes to their positions in the stock. Nicola Wealth Management LTD. bought a new stake in shares of Nextracker in the 2nd quarter worth approximately $1,828,000. Rothschild Investment LLC bought a new stake in Nextracker during the 2nd quarter valued at $35,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Nextracker during the 2nd quarter valued at $43,078,000. Crossmark Global Holdings Inc. raised its stake in Nextracker by 91.8% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 14,413 shares of the company’s stock valued at $676,000 after acquiring an additional 6,897 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after acquiring an additional 713,463 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 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.