Analysts’ Recent Ratings Changes for Nextracker (NXT)

Nextracker (NASDAQ: NXT) has recently received a number of price target changes and ratings updates:

• 10/31/2024 – Nextracker had its price target lowered by analysts at Robert W. Baird from $71.00 to $53.00. They now have an “outperform” rating on the stock.
• 10/29/2024 – Nextracker had its price target lowered by analysts at Wells Fargo & Company from $64.00 to $58.00. They now have an “overweight” rating on the stock.
• 10/17/2024 – Nextracker had its price target lowered by analysts at JPMorgan Chase & Co. from $62.00 to $58.00. They now have an “overweight” rating on the stock.
• 10/16/2024 – Nextracker had its price target lowered by analysts at Susquehanna from $59.00 to $50.00. They now have a “positive” rating on the stock.
• 10/16/2024 – Nextracker had its price target lowered by analysts at Truist Financial Co. from $65.00 to $50.00. They now have a “buy” rating on the stock.
• 10/14/2024 – Nextracker had its price target lowered by analysts at BMO Capital Markets from $56.00 to $44.00. They now have a “market perform” rating on the stock.
• 10/3/2024 – Nextracker had its price target lowered by analysts at Barclays PLC from $61.00 to $47.00. They now have an “equal weight” rating on the stock.
• 9/4/2024 – Nextracker is now covered by analysts at Jefferies Financial Group Inc.. They set a “hold” rating and a $46.00 price target on the stock.

Nextracker Stock Up 24.6 %

Nextracker stock opened at $39.82 on Friday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of 10.56 and a beta of 2.47. The stock’s fifty day moving average is $36.15 and its two-hundred day moving average is $43.64. 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 issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating 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 firm had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. During the same period in the prior year, the company earned $0.48 EPS. The firm’s revenue was up 50.1% on a year-over-year basis. Analysts predict that Nextracker Inc. will post 2.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. 1832 Asset Management L.P. increased its position in Nextracker by 0.3% during 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 in the last quarter. GAMMA Investing LLC grew its holdings in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. Hilltop National Bank grew its holdings in shares of 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 buying an additional 343 shares in the last quarter. Arizona State Retirement System raised its position in shares of Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its stake in shares of Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after buying an additional 461 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.