Nextracker (NASDAQ:NXT) Price Target Raised to $54.00 at Truist Financial

Nextracker (NASDAQ:NXT - Get Free Report) had its price target upped by investment analysts at Truist Financial from $50.00 to $54.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target would indicate a potential upside of 36.33% from the company's current price.

A number of other research firms also recently commented on NXT. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a report on Thursday. Guggenheim decreased their target price on Nextracker from $60.00 to $55.00 and set a "buy" rating for the company in a report on Friday, August 16th. Roth Mkm decreased their target price on Nextracker from $70.00 to $65.00 and set a "buy" rating for the company in a report on Friday, August 2nd. Finally, Wells Fargo & Company reduced their price target on Nextracker from $64.00 to $58.00 and set an "overweight" rating for the company in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $55.65.

Nextracker Stock Down 0.5 %

NXT traded down $0.21 on Friday, hitting $39.61. The company had a trading volume of 4,577,094 shares, compared to its average volume of 3,752,300. The stock has a fifty day moving average price of $36.15 and a 200-day moving average price of $43.64. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. 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 market capitalization of $5.76 billion, a price-to-earnings ratio of 9.93 and a beta of 2.47.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 124.74% and a net margin of 17.26%. The company's quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share. Analysts predict that Nextracker will post 2.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company's stock worth $705,149,000 after purchasing an additional 7,821,368 shares during the period. Victory Capital Management Inc. increased its holdings in Nextracker by 5.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company's stock worth $96,218,000 after purchasing an additional 110,707 shares during the period. Dimensional Fund Advisors LP increased its holdings in Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company's stock worth $82,844,000 after purchasing an additional 460,739 shares during the period. Handelsbanken Fonder AB increased its holdings in Nextracker by 5.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company's stock worth $62,802,000 after purchasing an additional 84,069 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Nextracker by 146.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company's stock worth $53,550,000 after purchasing an additional 678,261 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

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.