Robert W. Baird Has Lowered Expectations for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price objective decreased by Robert W. Baird from $71.00 to $53.00 in a research report sent to investors on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Other analysts have also issued research reports about the company. Guggenheim cut their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. JPMorgan Chase & Co. cut their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Susquehanna reduced their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Wells Fargo & Company dropped their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Jefferies Financial Group started coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $55.65.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded up $0.02 during trading on Thursday, hitting $39.84. The company’s stock had a trading volume of 2,084,350 shares, compared to its average volume of 3,740,544. The company has a 50-day moving average of $36.15 and a 200-day moving average of $43.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 9.93 and a beta of 2.47. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a net margin of 17.26% and a negative return on equity of 124.74%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 EPS. On average, sell-side analysts expect that Nextracker will post 2.52 earnings per share for the current year.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Nextracker by 166.1% in the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the period. Victory Capital Management Inc. raised its stake in shares of Nextracker by 5.7% during the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock valued at $96,218,000 after acquiring an additional 110,707 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Nextracker by 35.3% during the second 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 raised its holdings in shares of Nextracker by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock valued at $62,802,000 after acquiring an additional 84,069 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Nextracker by 146.2% in the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock worth $53,550,000 after acquiring an additional 678,261 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.