Robert W. Baird Cuts Nextracker (NASDAQ:NXT) Price Target to $53.00

Nextracker (NASDAQ:NXT) had its target price reduced by Robert W. Baird from $71.00 to $53.00 in a report released on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other equities research analysts have also commented on NXT. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Roth Mkm reduced their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. BMO Capital Markets dropped their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Guggenheim reduced their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Wells Fargo & Company decreased their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.65.

Nextracker Trading Down 0.5 %

NXT opened at $39.61 on Thursday. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm has a market capitalization of $5.76 billion, a PE ratio of 9.88 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.91. The company’s 50-day moving average is $36.10 and its 200 day moving average is $43.60.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period in the previous year, the company posted $0.48 EPS. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. As a group, research analysts predict that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the period. TFC Financial Management Inc. purchased a new stake in shares of Nextracker during the second quarter worth $32,000. Fifth Third Bancorp lifted 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 acquiring an additional 641 shares in the last quarter. Rothschild Investment LLC bought a new position in shares of Nextracker in the second quarter worth $35,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of Nextracker in the first quarter valued at $44,000. Institutional investors 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.