Wells Fargo & Company Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price objective decreased by Wells Fargo & Company from $64.00 to $58.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 81.42% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Bank of America boosted their price objective on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Truist Financial decreased their price target on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Finally, Jefferies Financial Group began coverage on shares of Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target on the stock. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.35.

Nextracker Trading Down 1.1 %

NASDAQ:NXT opened at $31.97 on Tuesday. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market cap of $4.65 billion, a PE ratio of 8.48 and a beta of 2.47. The company has a 50 day simple moving average of $36.14 and a two-hundred day simple moving average of $43.66.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $616.71 million. During the same quarter in the previous year, the firm posted $0.48 EPS. The firm’s revenue was up 50.1% on a year-over-year basis. Research analysts forecast that Nextracker will post 2.52 earnings per share for the current year.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently added to or reduced their stakes in NXT. 1832 Asset Management L.P. lifted its position in shares of Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares during the period. GAMMA Investing LLC lifted its position in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the period. Hilltop National Bank lifted its position in shares of Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System lifted its position in shares of Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the period. Finally, Wedbush Securities Inc. lifted its position in shares of Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after purchasing an additional 461 shares during the period. 67.41% of the stock is currently owned by 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.