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

Nextracker (NASDAQ:NXT) had its price objective lowered by Roth Mkm from $70.00 to $65.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently commented on NXT. Cantor Fitzgerald reissued an overweight rating and set a $55.00 target price on shares of Nextracker in a research report on Friday. Wells Fargo & Company lowered their price target on shares of Nextracker from $68.00 to $64.00 and set an overweight rating on the stock in a report on Wednesday, May 15th. Scotiabank lowered their price target on shares of Nextracker from $55.00 to $50.00 and set a sector outperform rating on the stock in a report on Monday, April 29th. Northland Securities cut shares of Nextracker from an outperform rating to a market perform rating and lowered their price target for the company from $60.00 to $44.00 in a report on Friday, April 26th. Finally, Barclays lowered their price target on shares of Nextracker from $63.00 to $61.00 and set an equal weight rating on the stock in a report on Tuesday, July 16th. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $58.68.

Nextracker Trading Up 0.4 %

NXT stock traded up $0.15 during trading on Friday, hitting $39.96. The company had a trading volume of 2,050,521 shares, compared to its average volume of 4,069,778. The firm has a market capitalization of $5.80 billion, a P/E ratio of 11.97 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 50 day simple moving average of $51.01 and a 200-day simple moving average of $51.56. 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 posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 20.75%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS. As a group, research analysts forecast that Nextracker will post 2.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction 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 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 filing with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NXT. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker during the 1st quarter valued at about $25,000. GAMMA Investing LLC lifted its position in Nextracker by 73.2% in the second 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. TFC Financial Management Inc. acquired a new position in Nextracker in the second quarter valued at about $32,000. Fifth Third Bancorp lifted its position in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after buying an additional 641 shares during the last quarter. Finally, Lindbrook Capital LLC acquired a new position in Nextracker in the first quarter valued at about $34,000. Institutional investors and hedge funds 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.