JPMorgan Chase & Co. Cuts Nextracker (NASDAQ:NXT) Price Target to $58.00

Nextracker (NASDAQ:NXT) had its target price cut by JPMorgan Chase & Co. from $62.00 to $58.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Truist Financial cut their price target on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday. Susquehanna dropped their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday. Guggenheim reduced their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, Barclays dropped their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.65.

Nextracker Price Performance

NASDAQ NXT opened at $33.52 on Thursday. Nextracker has a 12-month low of $32.19 and a 12-month high of $62.31. The firm’s 50 day moving average is $37.31 and its 200-day moving average is $44.68. The company has a market capitalization of $4.87 billion, a PE ratio of 8.89 and a beta of 2.47. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13.

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

Institutional Trading of Nextracker

A number of hedge funds have recently added to or reduced their stakes in NXT. GAMMA Investing LLC raised its holdings in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares during the last quarter. TFC Financial Management Inc. acquired a new position in shares of Nextracker during the second quarter worth $32,000. Fifth Third Bancorp grew its stake in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Nextracker in the second quarter valued at $35,000. Finally, Toth Financial Advisory Corp bought a new position in Nextracker during the 1st quarter worth $38,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.