Nextracker (NASDAQ:NXT) Earns Hold Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Nextracker (NASDAQ:NXT) in a report issued on Wednesday, MarketBeat reports. The brokerage issued a hold rating and a $46.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company cut their target price on shares of Nextracker from $68.00 to $64.00 and set an overweight rating for the company in a report on Wednesday, May 15th. BMO Capital Markets cut their target price on shares of Nextracker from $62.00 to $56.00 and set a market perform rating for the company in a report on Wednesday, May 15th. Barclays cut their target price on shares of Nextracker from $63.00 to $61.00 and set an equal weight rating for the company in a report on Tuesday, July 16th. Susquehanna assumed coverage on shares of Nextracker in a research note on Friday, June 28th. They issued a positive rating and a $59.00 price target on the stock. Finally, Bank of America boosted their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a buy rating in a report on Wednesday, July 17th. Five analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $57.91.

Nextracker Stock Performance

NXT opened at $34.60 on Wednesday. Nextracker has a 12-month low of $32.14 and a 12-month high of $62.31. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.02 billion, a PE ratio of 10.30, a P/E/G ratio of 5.87 and a beta of 2.49. The firm has a 50 day moving average of $43.43 and a two-hundred day moving average of $49.38.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The company had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. Nextracker’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. On average, analysts anticipate that Nextracker will post 2.57 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new stake in shares of Nextracker in the 2nd quarter valued at $384,000. Sycomore Asset Management lifted its position in shares of Nextracker by 9.9% during the second quarter. Sycomore Asset Management now owns 239,883 shares of the company’s stock worth $11,176,000 after purchasing an additional 21,688 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of Nextracker by 134.6% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 75,949 shares of the company’s stock worth $3,560,000 after purchasing an additional 43,580 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Nextracker by 48.5% in the second quarter. Cetera Investment Advisers now owns 24,235 shares of the company’s stock valued at $1,136,000 after purchasing an additional 7,910 shares during the period. Finally, Truist Financial Corp grew its holdings in shares of Nextracker by 67.1% in the second quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock valued at $526,000 after purchasing an additional 4,507 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

About Nextracker

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.