Nextracker (NASDAQ:NXT) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Nextracker (NASDAQ:NXT) in a report released on Friday, Benzinga reports. Cantor Fitzgerald currently has a $55.00 price target on the stock.

Several other equities research analysts have also recently weighed in on NXT. Barclays dropped their price objective on Nextracker from $63.00 to $61.00 and set an equal weight rating for the company in a report on Tuesday, July 16th. Truist Financial lowered their target price on Nextracker from $70.00 to $65.00 and set a buy rating on the stock in a research report on Monday, July 29th. Fox Advisors upgraded Nextracker from an equal weight rating to an overweight rating and set a $60.00 target price on the stock in a research report on Wednesday, May 15th. JPMorgan Chase & Co. boosted their price objective on Nextracker from $63.00 to $65.00 and gave the company an overweight rating in a research report on Tuesday, July 16th. Finally, Guggenheim decreased their target price on Nextracker from $73.00 to $60.00 and set a buy rating on the stock in a research report on Tuesday, April 23rd. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $58.68.

Nextracker Trading Down 10.4 %

NASDAQ NXT traded down $4.85 during trading hours on Friday, hitting $41.98. 8,965,076 shares of the company’s stock were exchanged, compared to its average volume of 2,707,945. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 12.49 and a beta of 2.49. Nextracker has a 1-year low of $32.14 and a 1-year high of $62.31. The stock has a 50-day simple moving average of $51.35 and a 200 day simple moving average of $51.45. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The business had revenue of $736.52 million for the quarter, compared to analysts’ expectations of $681.03 million. On average, equities analysts forecast that Nextracker will post 2.62 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the sale, the insider now directly owns 17,387 shares in the company, valued at approximately $763,463.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new position in shares of Nextracker in the 4th quarter worth approximately $63,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Nextracker by 19.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,832 shares of the company’s stock valued at $1,304,000 after buying an additional 4,486 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Nextracker by 330.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock valued at $18,195,000 after buying an additional 298,088 shares in the last quarter. Moody Aldrich Partners LLC increased its holdings in Nextracker by 117.0% during the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after purchasing an additional 72,441 shares in the last quarter. Finally, Iridian Asset Management LLC CT bought a new position in Nextracker during the 4th quarter worth about $564,000. 67.41% of the stock is owned by institutional investors.

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.