BMO Capital Markets Trims Nextracker (NASDAQ:NXT) Target Price to $44.00

Nextracker (NASDAQ:NXT) had its price objective decreased by BMO Capital Markets from $56.00 to $44.00 in a research note issued to investors on Monday, Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

Other analysts also recently issued reports about the stock. Guggenheim reduced their price target on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Susquehanna started coverage on shares of Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Jefferies Financial Group initiated coverage on Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. Finally, Roth Mkm cut their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.85.

Nextracker Stock Up 2.5 %

NXT stock opened at $35.04 on Monday. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47. The company has a 50-day moving average of $37.57 and a two-hundred day moving average of $44.97. Nextracker has a 52-week low of $32.19 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91.

Nextracker (NASDAQ:NXT) last released its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. As a group, equities research analysts anticipate that Nextracker will post 2.52 EPS for the current year.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in NXT. AlphaMark Advisors LLC acquired a new position in shares of Nextracker during the third quarter worth approximately $306,000. Secure Asset Management LLC bought a new position in Nextracker in the 3rd quarter valued at $1,370,000. Renaissance Capital LLC increased its stake in shares of Nextracker by 48.5% in the 3rd quarter. Renaissance Capital LLC now owns 154,389 shares of the company’s stock valued at $5,786,000 after buying an additional 50,414 shares during the period. Creative Planning raised its position in shares of Nextracker by 19.4% during the third quarter. Creative Planning now owns 36,186 shares of the company’s stock worth $1,356,000 after acquiring an additional 5,869 shares during the last quarter. Finally, Gateway Investment Advisers LLC lifted its stake in shares of Nextracker by 12.8% during the third quarter. Gateway Investment Advisers LLC now owns 8,618 shares of the company’s stock valued at $323,000 after acquiring an additional 976 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.