Nextracker (NASDAQ:NXT) Price Target Cut to $65.00

Nextracker (NASDAQ:NXT) had its price target decreased by research analysts at Truist Financial from $70.00 to $65.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 38.65% from the stock’s previous close.

NXT has been the subject of a number of other research reports. Daiwa Capital Markets began coverage on Nextracker in a report on Monday, April 1st. They set an “outperform” rating and a $63.00 price objective for the company. Fox Advisors raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target on the stock in a research report on Wednesday, May 15th. Roth Mkm reissued a “buy” rating and issued a $70.00 price objective on shares of Nextracker in a report on Wednesday, May 15th. Wells Fargo & Company lowered their target price on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Wednesday, May 15th. Finally, Piper Sandler reduced their price target on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $59.36.

Nextracker Price Performance

NASDAQ:NXT opened at $46.88 on Monday. Nextracker has a 12-month low of $32.14 and a 12-month high of $62.31. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.52. The stock’s 50 day moving average price is $51.82 and its two-hundred day moving average price is $51.50. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. The firm had revenue of $736.52 million during the quarter, compared to analysts’ expectations of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. On average, analysts anticipate that Nextracker will post 2.62 earnings per share for the current year.

Insider Activity

In related news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the sale, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker in the 1st quarter valued at approximately $25,000. GAMMA Investing LLC grew its stake 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. TFC Financial Management Inc. acquired a new stake in Nextracker in the second quarter valued at $32,000. Fifth Third Bancorp raised its position in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. Finally, Lindbrook Capital LLC acquired a new position in Nextracker during the 1st quarter worth about $34,000. Institutional investors 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.