Jefferies Financial Group Initiates Coverage on Nextracker (NASDAQ:NXT)

Investment analysts at Jefferies Financial Group initiated coverage on shares of Nextracker (NASDAQ:NXT) in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $46.00 price target on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 27.64% from the stock’s current price.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Roth Mkm dropped their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. BMO Capital Markets lowered their target price on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a report on Wednesday, May 15th. Truist Financial cut their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Finally, Susquehanna assumed coverage on Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 price objective for the company. Five analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.91.

Nextracker Stock Performance

NXT stock opened at $36.04 on Wednesday. The company has a market cap of $5.23 billion, a P/E ratio of 10.73, a price-to-earnings-growth ratio of 5.87 and a beta of 2.49. Nextracker has a twelve month low of $32.14 and a twelve month high of $62.31. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The business’s fifty day moving average is $43.67 and its 200-day moving average is $49.56.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping the consensus estimate 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 36.33% and a net margin of 14.87%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 EPS. Equities research analysts forecast that Nextracker will post 2.57 EPS for the current year.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp bought a new position in Nextracker in the 4th quarter valued at about $2,176,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Nextracker during the 4th quarter valued at $211,000. Virtu Financial LLC boosted its holdings in shares of Nextracker by 228.3% during the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after acquiring an additional 26,700 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Nextracker by 22.7% during the 4th quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock valued at $13,503,000 after acquiring an additional 53,904 shares in the last quarter. Finally, Graybill Wealth Management LTD. acquired a new position in Nextracker during the 1st quarter worth about $1,643,000. Institutional investors 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 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.