Nextracker (NASDAQ:NXT) Price Target Cut to $58.00 by Analysts at Wells Fargo & Company

Nextracker (NASDAQ:NXT) had its target price reduced by Wells Fargo & Company from $64.00 to $58.00 in a report released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

NXT has been the subject of several other reports. Truist Financial decreased their price objective on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets decreased their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Jefferies Financial Group started coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Finally, Susquehanna dropped their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.65.

Nextracker Stock Down 0.5 %

Nextracker stock opened at $39.61 on Tuesday. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a market cap of $5.76 billion, a PE ratio of 9.88 and a beta of 2.47. The firm’s 50-day simple moving average is $36.10 and its 200 day simple moving average is $43.60. 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 posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 17.26% and a negative return on equity of 124.74%. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Research analysts predict that Nextracker will post 2.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. raised its stake in shares of Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after purchasing an additional 275 shares during the period. GAMMA Investing LLC lifted its holdings in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares during the last quarter. Hilltop National Bank lifted its holdings in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after acquiring an additional 343 shares during the last quarter. Arizona State Retirement System lifted its holdings in Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the last quarter. Finally, Wedbush Securities Inc. raised its holdings in Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after buying an additional 461 shares during the period. 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.