Nextracker (NASDAQ:NXT) PT Lowered to $44.00

Nextracker (NASDAQ:NXT) had its price target dropped by equities research analysts at BMO Capital Markets from $56.00 to $44.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective indicates a potential upside of 28.65% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. 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. Roth Mkm lowered their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna initiated coverage on shares of Nextracker in a research report on Friday, June 28th. They issued a “positive” rating and a $59.00 target price for the company. Jefferies Financial Group started coverage on Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Finally, Truist Financial cut their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.33.

Nextracker Stock Down 2.9 %

Shares of NASDAQ:NXT opened at $34.20 on Monday. The firm has a market capitalization of $4.96 billion, a P/E ratio of 10.18, a P/E/G ratio of 5.19 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The stock has a 50 day moving average price of $37.66 and a 200-day moving average price of $45.04. Nextracker has a 52-week low of $32.19 and a 52-week high of $62.31.

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

Institutional Investors Weigh In On Nextracker

Several large investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in shares of Nextracker in the 4th quarter worth $548,000. Wellington Management Group LLP bought a new stake in Nextracker during the fourth quarter worth approximately $2,775,000. Wahed Invest LLC purchased a new stake in Nextracker during the fourth quarter valued at approximately $43,000. Vanguard Group Inc. lifted its stake in shares of Nextracker by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock valued at $220,671,000 after purchasing an additional 216,674 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Nextracker in the 4th quarter worth approximately $183,000. 67.41% of the stock is owned by institutional investors.

Nextracker Company Profile

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.