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

Nextracker Inc. (NASDAQ:NXT) has been given a consensus recommendation of “Moderate Buy” by the twenty research firms that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $56.35.

A number of equities analysts have commented on NXT shares. Bank of America lifted their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. BMO Capital Markets lowered their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Susquehanna cut their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Guggenheim decreased their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, Barclays lowered their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd.

Nextracker Trading Down 1.1 %

Shares of NXT opened at $31.97 on Friday. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 8.48 and a beta of 2.47. The firm has a 50 day moving average price of $36.14 and a 200-day moving average price of $43.66. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period in the prior year, the business posted $0.48 earnings per share. The company’s revenue was up 50.1% on a year-over-year basis. As a group, equities research analysts forecast that Nextracker will post 2.52 earnings per share for the current year.

Institutional Investors Weigh In On Nextracker

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares during the last quarter. TFC Financial Management Inc. bought a new stake in shares of Nextracker in the second quarter worth $32,000. Fifth Third Bancorp grew its holdings in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after acquiring an additional 641 shares during the period. Rothschild Investment LLC purchased a new stake in Nextracker during the second quarter valued at $35,000. Finally, Toth Financial Advisory Corp bought a new position in Nextracker in the first quarter valued at about $38,000. Hedge funds and other 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.