Nextracker (NASDAQ:NXT) Price Target Cut to $50.00

Nextracker (NASDAQ:NXT) had its price objective dropped by stock analysts at Truist Financial from $65.00 to $50.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 48.94% from the stock’s previous close.

NXT has been the topic of a number of other reports. Bank of America lifted their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. BMO Capital Markets decreased their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased 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. Finally, Jefferies Financial Group initiated coverage on Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective on the stock. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.65.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $33.57 on Wednesday. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 9.99, a P/E/G ratio of 5.19 and a beta of 2.47. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Nextracker has a 1-year low of $32.19 and a 1-year high of $62.31. The stock’s 50-day moving average is $37.44 and its 200 day moving average is $44.89.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The business’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS. On average, sell-side analysts anticipate that Nextracker will post 2.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently made changes to their positions in NXT. Vanguard Group Inc. boosted its position in shares of Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after purchasing an additional 7,821,368 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Nextracker during the second quarter valued at approximately $43,078,000. Earnest Partners LLC purchased a new position in Nextracker during the first quarter valued at $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Nextracker by 1,800.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after buying an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Nextracker by 2,854.7% during the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after buying an additional 713,463 shares during the last quarter. 67.41% of the stock is currently owned by 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.