Guggenheim Cuts Nextracker (NASDAQ:NXT) Price Target to $55.00

Nextracker (NASDAQ:NXT) had its target price decreased by Guggenheim from $60.00 to $55.00 in a report released on Friday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on NXT. Fox Advisors raised shares of Nextracker from an equal weight rating to an overweight rating and set a $60.00 price objective for the company in a research note on Wednesday, May 15th. BMO Capital Markets reduced their price objective on Nextracker from $62.00 to $56.00 and set a market perform rating on the stock in a research note on Wednesday, May 15th. Mizuho lowered their target price on Nextracker from $64.00 to $59.00 and set a buy rating for the company in a research note on Friday, April 19th. Truist Financial decreased their price target on Nextracker from $70.00 to $65.00 and set a buy rating on the stock in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. dropped their price objective on Nextracker from $65.00 to $62.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $58.45.

Nextracker Stock Up 0.1 %

Shares of NASDAQ:NXT opened at $38.94 on Friday. The firm has a market capitalization of $5.65 billion, a PE ratio of 11.59 and a beta of 2.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98. Nextracker has a 52-week low of $32.14 and a 52-week high of $62.31. The firm has a fifty day moving average of $48.11 and a 200 day moving average of $51.23.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The company’s revenue was up 50.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 EPS. As a group, research analysts anticipate that Nextracker will post 2.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Several institutional investors have recently modified their holdings of NXT. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Nextracker in the first quarter worth approximately $25,000. GAMMA Investing LLC raised its position in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares during the period. TFC Financial Management Inc. purchased a new position in shares of Nextracker during the 2nd quarter worth $32,000. Fifth Third Bancorp grew its position in shares of Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares during the period. Finally, Lindbrook Capital LLC purchased a new stake in shares of Nextracker in the 1st quarter worth $34,000. 67.41% of the stock is 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.