JPMorgan Chase & Co. Trims Nextracker (NASDAQ:NXT) Target Price to $58.00

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective cut by research analysts at JPMorgan Chase & Co. from $62.00 to $58.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 72.77% from the company's previous close.

Several other analysts also recently commented on the company. Barclays dropped their price objective on Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Bank of America raised their price target on Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, July 17th. BMO Capital Markets cut their price objective on Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a report on Monday. Guggenheim lowered their target price on Nextracker from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, August 16th. Finally, Roth Mkm cut their price target on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Five investment 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 currently has a consensus rating of "Moderate Buy" and an average target price of $56.65.

Nextracker Trading Down 4.2 %

NXT traded down $1.47 during midday trading on Thursday, reaching $33.57. 2,226,682 shares of the company were exchanged, compared to its average volume of 3,763,727. The stock has a market capitalization of $4.87 billion, a P/E ratio of 9.99, a PEG ratio of 5.19 and a beta of 2.47. Nextracker has a one year low of $32.19 and a one year high of $62.31. The stock's 50-day simple moving average is $37.44 and its 200 day simple moving average is $44.89. 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 issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million during the quarter, compared to analysts' expectations of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business's revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.48 earnings per share. As a group, analysts forecast that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of NXT. GAMMA Investing LLC raised its position in shares of Nextracker by 73.2% in the second 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. TFC Financial Management Inc. bought a new stake in shares of Nextracker during the second quarter worth approximately $32,000. Fifth Third Bancorp grew its position in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company's stock valued at $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Nextracker during the second quarter worth approximately $35,000. Finally, Toth Financial Advisory Corp acquired a new stake in Nextracker during the 1st quarter worth approximately $38,000. 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.