Nextracker (NASDAQ:NXT) Given New $54.00 Price Target at Truist Financial

by · The Cerbat Gem

Nextracker (NASDAQ:NXT – Free Report) had its price objective increased by Truist Financial from $50.00 to $54.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on NXT. Barclays dropped their target price 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. Robert W. Baird lowered their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday. JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Roth Mkm lowered their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $55.65.

View Our Latest Analysis on NXT

Nextracker Trading Down 0.5 %

NXT stock traded down $0.21 during trading on Friday, hitting $39.61. The company had a trading volume of 4,577,277 shares, compared to its average volume of 3,752,300. The firm has a market capitalization of $5.76 billion, a P/E ratio of 9.88 and a beta of 2.47. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a 50 day simple moving average of $36.10 and a 200-day simple moving average of $43.60. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping the consensus estimate 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 net margin of 17.26% and a negative return on equity of 124.74%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS. As a group, research analysts forecast that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextracker

A number of hedge funds have recently modified their holdings of the company. Covestor Ltd grew its holdings in shares of Nextracker by 240.9% in the third quarter. Covestor Ltd now owns 3,010 shares of the company’s stock valued at $113,000 after purchasing an additional 2,127 shares during the period. Amalgamated Bank lifted its position in Nextracker by 10.7% in the third quarter. Amalgamated Bank now owns 65,762 shares of the company’s stock valued at $2,465,000 after buying an additional 6,344 shares during the last quarter. Van ECK Associates Corp lifted its position in Nextracker by 30.7% in the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after buying an additional 14,249 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in Nextracker by 111.6% in the third quarter. Harbor Capital Advisors Inc. now owns 75,032 shares of the company’s stock valued at $2,812,000 after buying an additional 39,567 shares during the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new position in Nextracker in the third quarter valued at about $75,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

About Nextracker

(Get Free Report)

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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