Nextracker (NASDAQ:NXT) PT Lowered to $47.00 at Barclays

Nextracker (NASDAQ:NXT) had its price target reduced by Barclays from $61.00 to $47.00 in a research note released on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other equities analysts also recently issued reports about the company. Susquehanna assumed coverage on Nextracker in a research report on Friday, June 28th. They issued a positive rating and a $59.00 target price for the company. Guggenheim dropped their price objective on shares of Nextracker from $60.00 to $55.00 and set a buy rating for the company in a report on Friday, August 16th. Roth Mkm reduced their target price on shares of Nextracker from $70.00 to $65.00 and set a buy rating on the stock in a report on Friday, August 2nd. Cantor Fitzgerald reaffirmed an overweight rating and set a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Finally, Bank of America lifted their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a buy rating in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $57.90.

Nextracker Stock Performance

NASDAQ:NXT opened at $36.59 on Thursday. The stock’s 50-day simple moving average is $38.99 and its 200 day simple moving average is $46.23. The firm has a market capitalization of $5.31 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47. Nextracker has a twelve month low of $32.14 and a twelve month high of $62.31. 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 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. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The company’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the business posted $0.48 earnings per share. On average, analysts anticipate that Nextracker will post 2.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently bought and sold shares of NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Nextracker during the 1st quarter worth about $25,000. GAMMA Investing LLC boosted its holdings 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 in the last quarter. TFC Financial Management Inc. acquired a new stake in Nextracker in the second quarter valued at approximately $32,000. Fifth Third Bancorp raised its position in shares of Nextracker by 1,602.5% during 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 period. Finally, Rothschild Investment LLC bought a new position in shares of Nextracker in the 2nd quarter worth $35,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.