Robert W. Baird Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT - Free Report) had its target price trimmed by Robert W. Baird from $71.00 to $53.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group assumed coverage on Nextracker in a report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 price target for the company. BMO Capital Markets decreased their target price on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a research note on Monday, October 14th. Truist Financial dropped their price target on shares of Nextracker from $65.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, October 16th. Bank of America increased their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, July 17th. Finally, Susquehanna dropped their target price on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and a consensus target price of $55.45.

Nextracker Trading Up 24.6 %

Shares of NXT traded up $7.85 during trading hours on Thursday, hitting $39.82. The stock had a trading volume of 10,329,746 shares, compared to its average volume of 3,748,328. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The firm has a market cap of $5.79 billion, a P/E ratio of 10.56 and a beta of 2.47. 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 company's fifty day simple moving average is $36.15 and its 200 day simple moving average is $43.64.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The business's quarterly revenue was up 50.1% compared to the same quarter last year. Equities research analysts forecast that Nextracker will post 2.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently added to or reduced their stakes in NXT. GAMMA Investing LLC grew its holdings in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company's stock valued at $31,000 after buying an additional 279 shares during the period. TFC Financial Management Inc. bought a new position in shares of Nextracker during the 2nd quarter valued at about $32,000. Fifth Third Bancorp grew 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 purchasing an additional 641 shares during the period. Rothschild Investment LLC bought a new stake in Nextracker during the 2nd quarter worth approximately $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in Nextracker during the 1st quarter worth approximately $44,000. 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.