Nextracker Inc. (NASDAQ:NXT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Nextracker Inc. (NASDAQ:NXT) has received an average recommendation of “Moderate Buy” from the twenty-two research firms that are presently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and seventeen have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $58.18.

NXT has been the topic of a number of recent research reports. Roth Mkm reduced their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna began coverage on shares of Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 target price for the company. Truist Financial cut their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Guggenheim lowered their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Finally, JPMorgan Chase & Co. cut their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd.

Nextracker Price Performance

Shares of Nextracker stock opened at $37.48 on Tuesday. The company has a market cap of $5.44 billion, a PE ratio of 11.15, a P/E/G ratio of 5.32 and a beta of 2.47. The business has a 50 day moving average of $39.80 and a 200 day moving average of $46.76. Nextracker has a 52 week low of $32.14 and a 52 week 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.

Nextracker (NASDAQ:NXT) last announced 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 negative return on equity of 36.33% and a net margin of 14.87%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the prior year, the company earned $0.48 EPS. The business’s revenue was up 50.1% compared to the same quarter last year. As a group, equities research analysts forecast that Nextracker will post 2.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Sanctuary Advisors LLC purchased a new position in shares of Nextracker during the 2nd quarter worth $384,000. Sycomore Asset Management lifted its position in Nextracker by 9.9% during the second quarter. Sycomore Asset Management now owns 239,883 shares of the company’s stock valued at $11,176,000 after purchasing an additional 21,688 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Nextracker by 134.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 75,949 shares of the company’s stock worth $3,560,000 after buying an additional 43,580 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Nextracker by 48.5% in the second quarter. Cetera Investment Advisers now owns 24,235 shares of the company’s stock worth $1,136,000 after buying an additional 7,910 shares during the period. Finally, Truist Financial Corp grew its stake in shares of Nextracker by 67.1% during the 2nd quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock valued at $526,000 after acquiring an additional 4,507 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.