Wells Fargo & Company Trims Nextracker (NASDAQ:NXT) Target Price to $58.00

Nextracker (NASDAQ:NXT - Get Free Report) had its price objective lowered by analysts at Wells Fargo & Company from $64.00 to $58.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 79.40% from the company's previous close.

NXT has been the topic of a number of other research reports. Susquehanna lowered their target price on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a research note on Wednesday, October 16th. Bank of America lifted their target price on shares of Nextracker from $64.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, July 17th. Roth Mkm lowered their target price 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. JPMorgan Chase & Co. lowered their target price on shares of Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. Finally, Barclays decreased their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus price target of $56.35.

Nextracker Stock Down 0.7 %

Shares of NXT stock traded down $0.23 during trading hours on Tuesday, hitting $32.33. 2,144,456 shares of the company's stock traded hands, compared to its average volume of 3,707,917. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 8.54 and a beta of 2.47. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The stock's fifty day simple moving average is $36.45 and its two-hundred day simple moving average is $43.85. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

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 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 business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same quarter in the previous year, the firm posted $0.48 EPS. The firm's revenue was up 50.1% on a year-over-year basis. On average, analysts expect that Nextracker will post 2.52 EPS for the current year.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Vanguard Group Inc. lifted its position in Nextracker by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company's stock valued at $220,671,000 after acquiring an additional 216,674 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Nextracker in the fourth quarter worth $183,000. Park Avenue Securities LLC purchased a new position in shares of Nextracker in the first quarter worth $268,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nextracker by 15.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 450,298 shares of the company's stock worth $25,338,000 after buying an additional 61,934 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. purchased a new position in shares of Nextracker in the first quarter worth $150,000. Hedge funds and other 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.