Nextracker (NASDAQ:NXT) Stock Price Down 4.2%

Shares of Nextracker Inc. (NASDAQ:NXT) were down 4.2% during mid-day trading on Wednesday . The company traded as low as $36.40 and last traded at $36.42. Approximately 19,342 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 3,849,830 shares. The stock had previously closed at $38.03.

Analyst Ratings Changes

NXT has been the subject of several recent analyst reports. 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 research note on Tuesday, July 16th. Roth Mkm cut their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Truist Financial reduced their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Guggenheim dropped their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.18.

Nextracker Price Performance

The company has a fifty day simple moving average of $39.62 and a two-hundred day simple moving average of $46.61. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 5.32 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. The business had revenue of $719.92 million during 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%. Nextracker’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. As a group, equities research analysts expect that Nextracker Inc. will post 2.57 earnings per share for the current fiscal year.

Institutional Trading of Nextracker

Several large investors have recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Nextracker during the 1st quarter worth $25,000. GAMMA Investing LLC boosted its stake in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker in the 1st quarter valued at approximately $37,000. Toth Financial Advisory Corp bought a new stake in shares of Nextracker during the 1st quarter valued at approximately $38,000. Finally, Fifth Third Bancorp increased its position 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 purchasing an additional 641 shares in the last quarter. Institutional investors and hedge funds 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.