Brokerages Set Nextracker Inc. (NASDAQ:NXT) Target Price at $58.18

Nextracker Inc. (NASDAQ:NXT) has received a consensus rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and sixteen have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $57.90.

A number of brokerages have weighed in on NXT. JPMorgan Chase & Co. lowered their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Truist Financial dropped their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Guggenheim reduced their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Bank of America boosted their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group started coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock.

Nextracker Price Performance

Nextracker stock opened at $35.97 on Tuesday. The firm has a fifty day moving average of $38.99 and a 200-day moving average of $46.15. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. Nextracker has a 52-week low of $32.19 and a 52-week high of $62.31. The firm has a market capitalization of $5.22 billion, a P/E ratio of 10.71, a PEG ratio of 5.32 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.48 EPS. As a group, analysts predict that Nextracker will post 2.57 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Vanguard Group Inc. grew its holdings in Nextracker by 166.1% in the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Nextracker by 5.7% during the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock valued at $96,218,000 after purchasing an additional 110,707 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Nextracker by 35.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after purchasing an additional 460,739 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Nextracker by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after purchasing an additional 84,069 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Nextracker by 146.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock valued at $53,550,000 after buying an additional 678,261 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.