Susquehanna Lowers Nextracker (NASDAQ:NXT) Price Target to $50.00

Nextracker (NASDAQ:NXT) had its price target cut by Susquehanna from $59.00 to $50.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a positive rating on the stock.

Other equities analysts have also recently issued reports about the stock. Barclays lowered their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Roth Mkm cut their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. lowered their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. Finally, BMO Capital Markets decreased their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.65.

Nextracker Stock Performance

Shares of NXT stock opened at $33.52 on Wednesday. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 8.89 and a beta of 2.47. Nextracker has a 1-year low of $32.19 and a 1-year high of $62.31. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $37.31 and its 200-day simple moving average is $44.68.

Nextracker (NASDAQ:NXT) last issued its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. The company had revenue of $719.92 million for 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%. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS. On average, sell-side analysts predict that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. boosted its stake in Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares in the last quarter. GAMMA Investing LLC raised its position in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. Hilltop National Bank lifted its stake in Nextracker by 40.6% during the second 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 boosted its holdings in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after purchasing an additional 372 shares in the last quarter. Finally, Wedbush Securities Inc. grew its stake in shares of Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after purchasing an additional 461 shares during the period. Institutional investors and hedge funds 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.