Brokerages Set Nextracker Inc. (NASDAQ:NXT) PT at $58.68

Nextracker Inc. (NASDAQ:NXT) has received an average rating of “Moderate Buy” from the twenty-two analysts that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $58.45.

Several research firms have recently weighed in on NXT. Roth Mkm decreased their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Fox Advisors upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a research note on Wednesday, May 15th. Scotiabank lowered their price target on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. Finally, Wells Fargo & Company cut their price target on Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th.

Nextracker Price Performance

NXT opened at $38.94 on Monday. The firm has a market cap of $5.65 billion, a PE ratio of 11.59 and a beta of 2.49. The stock has a 50-day moving average price of $48.11 and a 200-day moving average price of $51.23. Nextracker has a 1 year low of $32.14 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76.

Nextracker (NASDAQ:NXT) last issued 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. Nextracker had a net margin of 14.87% and a negative return on equity of 20.75%. The business had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same period in the previous year, the company earned $0.48 earnings per share. The business’s revenue for the quarter was up 50.1% compared to the same quarter last year. Sell-side analysts predict that Nextracker will post 2.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently modified their holdings of NXT. Van ECK Associates Corp purchased a new position in Nextracker during the fourth quarter valued at $2,176,000. Baader Bank Aktiengesellschaft bought a new stake in shares of Nextracker in the fourth quarter worth about $211,000. Hsbc Holdings PLC increased its holdings in shares of Nextracker by 22.7% in the fourth quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after purchasing an additional 53,904 shares during the last quarter. Virtu Financial LLC lifted its position in shares of Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares in the last quarter. Finally, Graybill Wealth Management LTD. bought a new position in Nextracker during the first quarter valued at approximately $1,643,000. 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 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.