Nextracker (NASDAQ:NXT – Get Free Report) had its price objective decreased by equities research analysts at Barclays from $61.00 to $47.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 29.58% from the company’s current price.
Several other equities analysts have also issued reports on the company. Roth Mkm 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 Friday, August 2nd. Bank of America increased their price objective on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Guggenheim lowered their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Jefferies Financial Group started coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective on the stock. Finally, Truist Financial cut their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.90.
Get Our Latest Analysis on NXT
Nextracker Stock Up 0.4 %
Nextracker (NASDAQ:NXT – Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The firm’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share. On average, sell-side analysts forecast that Nextracker will post 2.57 earnings per share for the current year.
Hedge Funds Weigh In On Nextracker
A number of hedge funds and other institutional investors have recently modified their holdings of NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Nextracker during the first quarter valued at about $25,000. GAMMA Investing LLC increased its stake in shares of Nextracker by 73.2% during 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 last quarter. TFC Financial Management Inc. purchased a new stake in shares of Nextracker during the 2nd quarter worth approximately $32,000. Fifth Third Bancorp raised its holdings in shares of Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the period. Finally, Rothschild Investment LLC purchased a new position in Nextracker in the second quarter valued at approximately $35,000. Hedge funds and other 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.
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