Nextracker Inc. (NASDAQ:NXT) Given Consensus Rating of "Moderate Buy" by Analysts

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twenty research firms that are covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $56.65.

Several equities analysts have recently commented on NXT shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Jefferies Financial Group started coverage on Nextracker in a research report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 target price on the stock. Guggenheim cut their target price on Nextracker from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, August 16th. Barclays lowered their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating for the company in a research report on Thursday, October 3rd. Finally, Susquehanna cut their price objective on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a research report on Wednesday, October 16th.

Institutional Trading of Nextracker

A number of large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in Nextracker by 73.2% during 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. Toth Financial Advisory Corp purchased a new stake in shares of Nextracker in the 1st quarter valued at approximately $38,000. Fifth Third Bancorp lifted its position in shares of Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company's stock valued at $32,000 after acquiring an additional 641 shares in the last quarter. TFC Financial Management Inc. acquired a new position in Nextracker in the 2nd quarter worth approximately $32,000. Finally, Rothschild Investment LLC purchased a new position in Nextracker during the 2nd quarter worth approximately $35,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Performance

Nextracker stock traded up $0.17 during mid-day trading on Friday, reaching $31.46. The company's stock had a trading volume of 2,033,640 shares, compared to its average volume of 3,721,984. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The business has a 50 day moving average price of $36.60 and a 200-day moving average price of $44.06. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of 8.34 and a beta of 2.47.

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

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.