Nextracker (NASDAQ:NXT) Price Target Cut to $44.00

Nextracker (NASDAQ:NXT - Free Report) had its price objective trimmed by BMO Capital Markets from $56.00 to $44.00 in a research report report published on Monday, Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other brokerages have also issued reports on NXT. Truist Financial dropped their target price on shares of Nextracker from $70.00 to $65.00 and set a buy rating for the company in a research report on Monday, July 29th. Roth Mkm dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a buy rating for the company in a report on Friday, August 2nd. Barclays lowered their price target on Nextracker from $61.00 to $47.00 and set an equal weight rating on the stock in a research report on Thursday, October 3rd. Guggenheim cut their price objective on Nextracker from $60.00 to $55.00 and set a buy rating for the company in a report on Friday, August 16th. Finally, Jefferies Financial Group began coverage on Nextracker in a report on Wednesday, September 4th. They set a hold rating and a $46.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Nextracker presently has a consensus rating of Moderate Buy and a consensus target price of $57.33.

Nextracker Price Performance

Shares of NXT traded down $0.41 during mid-day trading on Monday, reaching $35.23. 1,464,367 shares of the stock traded hands, compared to its average volume of 3,787,320. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 10.49, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47. Nextracker has a 1 year low of $32.19 and a 1 year high of $62.31. The firm has a fifty day moving average price of $37.87 and a 200 day moving average price of $45.35. 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 (NASDAQ:NXT - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.93 EPS 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 analysts' expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The firm's revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 earnings per share. As a group, equities research analysts predict that Nextracker will post 2.52 earnings per share for the current year.

Hedge Funds Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 1832 Asset Management L.P. raised its holdings in Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company's stock worth $4,512,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC lifted 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 buying an additional 279 shares during the period. Hilltop National Bank boosted its position in Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company's stock valued at $56,000 after acquiring an additional 343 shares in the last quarter. Arizona State Retirement System grew its holdings 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 acquiring an additional 372 shares during the period. Finally, Wedbush Securities Inc. raised its position in shares of Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company's stock worth $285,000 after acquiring an additional 461 shares in the last quarter. 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.