Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares shot up 7.6% on Monday after Truist Financial raised their price target on the stock from $50.00 to $54.00. Truist Financial currently has a buy rating on the stock. Nextracker traded as high as $43.10 and last traded at $42.64. 546,010 shares changed hands during trading, a decline of 85% from the average session volume of 3,737,249 shares. The stock had previously closed at $39.61.
Several other equities research analysts also recently commented on the stock. Roth Mkm dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. Bank of America upped their price target 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. Jefferies Financial Group assumed coverage on shares of Nextracker in a research note on Wednesday, September 4th. They issued a "hold" rating and a $46.00 price objective for the company. Wells Fargo & Company dropped their target price on Nextracker from $64.00 to $58.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $55.65.
Read Our Latest Stock Analysis on Nextracker
Hedge Funds Weigh In On Nextracker
Several institutional investors and hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. grew its position in Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company's stock worth $4,512,000 after acquiring an additional 275 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company's stock worth $31,000 after purchasing an additional 279 shares during the last quarter. Hilltop National Bank increased its stake in shares of Nextracker by 40.6% in the second quarter. Hilltop National Bank now owns 1,187 shares of the company's stock worth $56,000 after buying an additional 343 shares during the period. Arizona State Retirement System raised its holdings in Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company's stock valued at $1,613,000 after buying an additional 372 shares during the last quarter. Finally, Wedbush Securities Inc. boosted its position in Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company's stock valued at $285,000 after buying an additional 461 shares during the period. Institutional investors own 67.41% of the company's stock.
Nextracker Stock Performance
The business's fifty day simple moving average is $36.09 and its 200-day simple moving average is $43.57. The firm has a market cap of $6.10 billion, a P/E ratio of 10.46 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.91 and a debt-to-equity ratio of 0.11.
Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results 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. The company had revenue of $719.92 million for the quarter, compared to analysts' expectations of $616.71 million. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Nextracker's quarterly revenue was up 50.1% on a year-over-year basis. During the same period last year, the firm earned $0.48 earnings per share. As a group, sell-side analysts expect that Nextracker Inc. will post 2.52 earnings per share for the current year.
About Nextracker
(
Get Free Report)
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.
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