Nextracker Inc. (NASDAQ:NXT) Given Average Recommendation of “Moderate Buy” by Brokerages

Nextracker Inc. (NASDAQ:NXT) has earned an average rating of “Moderate Buy” from the twenty research firms that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $55.65.

Several research firms have commented on NXT. Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. BMO Capital Markets dropped their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Wells Fargo & Company cut their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday. Barclays lowered their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd.

Hedge Funds Weigh In On Nextracker

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after acquiring an additional 7,821,368 shares during the period. Victory Capital Management Inc. boosted its holdings in Nextracker by 5.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock valued at $96,218,000 after purchasing an additional 110,707 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after buying an additional 460,739 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Nextracker by 5.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after buying an additional 84,069 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Nextracker by 146.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock valued at $53,550,000 after buying an additional 678,261 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $39.61 on Friday. 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 company’s 50 day moving average is $36.10 and its 200 day moving average is $43.60. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a market cap of $5.76 billion, a PE ratio of 9.88 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data 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 business had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 124.74% and a net margin of 17.26%. The company’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. On average, sell-side analysts forecast that Nextracker will post 2.52 EPS for the current year.

Nextracker Company Profile

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.