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

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

Other equities analysts also recently issued reports about the stock. Roth Mkm cut their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Barclays cut their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Bank of America increased their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Truist Financial cut their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Finally, Guggenheim reduced their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Nextracker Price Performance

Shares of NXT stock opened at $33.57 on Monday. Nextracker has a 12 month low of $32.19 and a 12 month high of $62.31. The company has a market capitalization of $4.87 billion, a P/E ratio of 9.99, a P/E/G ratio of 5.19 and a beta of 2.47. The stock has a 50 day moving average of $37.44 and a two-hundred day moving average of $44.89. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT) last issued its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The business had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same period in the prior year, the firm posted $0.48 EPS. Nextracker’s quarterly revenue was up 50.1% compared to the same quarter last year. As a group, equities analysts expect that Nextracker will post 2.52 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position 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 buying an additional 279 shares during the last quarter. TFC Financial Management Inc. acquired a new stake in shares of Nextracker in the second quarter valued at approximately $32,000. Fifth Third Bancorp increased its stake in shares of Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Nextracker in the 2nd quarter valued at about $35,000. Finally, Bruce G. Allen Investments LLC bought a new position in Nextracker during the first quarter worth about $37,000. 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.