Nextracker (NASDAQ:NXT) PT Lowered to $62.00 at JPMorgan Chase & Co.

Nextracker (NASDAQ:NXT) had its target price trimmed by JPMorgan Chase & Co. from $65.00 to $62.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on NXT. BMO Capital Markets decreased their price objective on shares of Nextracker from $62.00 to $56.00 and set a market perform rating for the company in a report on Wednesday, May 15th. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a buy rating for the company in a report on Friday. Truist Financial lowered their price target on Nextracker from $70.00 to $65.00 and set a buy rating for the company in a research report on Monday, July 29th. Piper Sandler reduced their target price on shares of Nextracker from $66.00 to $64.00 and set an overweight rating for the company in a report on Thursday, April 11th. Finally, Barclays cut their target price on shares of Nextracker from $63.00 to $61.00 and set an equal weight rating for the company in a report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Nextracker has an average rating of Moderate Buy and an average price target of $58.68.

Nextracker Trading Down 5.2 %

Shares of NASDAQ:NXT opened at $39.81 on Friday. The company has a market cap of $5.78 billion, a PE ratio of 11.49 and a beta of 2.49. Nextracker has a 12-month low of $32.14 and a 12-month high of $62.31. The stock has a 50 day moving average of $51.35 and a 200 day moving average of $51.59. 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 released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS. As a group, equities research analysts expect that Nextracker will post 2.62 EPS for the current year.

Insider Activity

In related news, insider Bruce Ledesma sold 12,135 shares of the firm’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 transaction of $532,847.85. Following the transaction, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextracker

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Nextracker in the 1st quarter worth approximately $25,000. GAMMA Investing LLC boosted its stake in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares during the last quarter. TFC Financial Management Inc. acquired a new position in shares of Nextracker during the 2nd quarter worth about $32,000. Fifth Third Bancorp raised its stake 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 buying an additional 641 shares during the period. Finally, Lindbrook Capital LLC acquired a new position in shares of Nextracker in the first quarter valued at approximately $34,000. Institutional investors and hedge funds 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 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.