Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, Truist Financial Analyst Says

Nextracker (NASDAQ:NXT) had its target price upped by equities researchers at Truist Financial from $50.00 to $54.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 36.33% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. 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. Susquehanna lowered their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. 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 research note on Friday, August 2nd. Barclays lowered their price objective on 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, Jefferies Financial Group began coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.65.

Nextracker Stock Down 0.5 %

NXT stock opened at $39.61 on Friday. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a quick ratio of 1.91, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market cap of $5.76 billion, a PE ratio of 9.88 and a beta of 2.32. The business’s 50-day simple moving average is $36.10 and its 200 day simple moving average is $43.60.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data 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 company had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Nextracker’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 EPS. On average, research analysts anticipate that Nextracker will post 2.52 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the period. TFC Financial Management Inc. bought a new position in Nextracker in the second quarter valued at approximately $32,000. Fifth Third Bancorp grew its holdings in 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 acquiring an additional 641 shares during the period. Rothschild Investment LLC bought a new stake in shares of Nextracker during the 2nd quarter valued at $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Nextracker in the 1st quarter valued at $44,000. Institutional investors and hedge funds 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.