Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares reached a new 52-week low on Monday . The stock traded as low as $32.31 and last traded at $32.31, with a volume of 470290 shares traded. The stock had previously closed at $33.52.
Analyst Ratings Changes
A number of brokerages have recently issued reports on NXT. Susquehanna cut their target price on Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a research report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price objective on Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday. Guggenheim decreased their target price 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. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Finally, Bank of America raised their price objective on shares of Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $56.65.
Read Our Latest Stock Analysis on Nextracker
Nextracker Stock Performance
The stock has a market cap of $4.73 billion, a P/E ratio of 9.70 and a beta of 2.47. The firm has a 50 day moving average of $37.18 and a two-hundred day moving average of $44.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11.
Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million during the quarter, compared to analysts' expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. Nextracker's revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.48 earnings per share. On average, research analysts predict that Nextracker Inc. will post 2.52 EPS for the current fiscal year.
Hedge Funds Weigh In On Nextracker
Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. 1832 Asset Management L.P. raised its stake in shares of Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company's stock valued at $4,512,000 after buying an additional 275 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of 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 purchasing an additional 279 shares during the period. Hilltop National Bank raised its holdings in shares of Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company's stock worth $56,000 after buying an additional 343 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company's stock worth $1,613,000 after buying an additional 372 shares during the period. Finally, Wedbush Securities Inc. boosted its stake in Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company's stock valued at $285,000 after buying an additional 461 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.
About Nextracker
(
Get Free Report)
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.
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