Nextracker (NASDAQ:NXT) PT Lowered to $50.00

Nextracker (NASDAQ:NXT) had its price target lowered by Susquehanna from $59.00 to $50.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s target price would indicate a potential upside of 43.39% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on NXT. JPMorgan Chase & Co. reduced their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Guggenheim dropped their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Jefferies Financial Group assumed coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. Finally, Truist Financial dropped their price objective on Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.19.

Nextracker Price Performance

Shares of NASDAQ NXT traded up $0.67 during midday trading on Wednesday, hitting $34.87. 708,007 shares of the company’s stock were exchanged, compared to its average volume of 3,763,487. Nextracker has a 12-month low of $32.19 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 company has a market cap of $5.06 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 5.19 and a beta of 2.47. The business’s fifty day moving average price is $37.66 and its two-hundred day moving average price is $45.04.

Nextracker (NASDAQ:NXT) last released its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same quarter in the previous year, the company posted $0.48 EPS. Nextracker’s quarterly revenue was up 50.1% compared to the same quarter last year. As a group, research analysts forecast that Nextracker will post 2.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. GAMMA Investing LLC grew its stake in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. TFC Financial Management Inc. purchased a new position in Nextracker during the 2nd quarter worth $32,000. Fifth Third Bancorp grew its stake in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after buying an additional 641 shares during the last quarter. Rothschild Investment LLC purchased a new position in Nextracker during the 2nd quarter worth $35,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Nextracker during the 1st quarter worth $37,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.