Nextracker (NASDAQ:NXT) Trading Down 4.2%

Nextracker Inc. (NASDAQ:NXT)’s stock price dropped 4.2% on Wednesday . The stock traded as low as $36.40 and last traded at $36.42. Approximately 19,342 shares changed hands during trading, a decline of 99% from the average daily volume of 3,849,830 shares. The stock had previously closed at $38.03.

Analyst Upgrades and Downgrades

NXT has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Guggenheim reduced their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Roth Mkm dropped their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Bank of America increased their price target on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Barclays decreased their price objective on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.18.

Nextracker Price Performance

The company has a market cap of $5.24 billion, a P/E ratio of 11.32, a P/E/G ratio of 5.32 and a beta of 2.47. The company’s 50-day moving average price is $39.62 and its 200-day moving average price is $46.61. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91.

Nextracker (NASDAQ:NXT) last released 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 firm had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. As a group, sell-side analysts predict that Nextracker Inc. will post 2.57 earnings per share for the current fiscal year.

Institutional Trading of Nextracker

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Nextracker by 166.1% during the first 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Nextracker in the 2nd quarter valued at approximately $43,078,000. Earnest Partners LLC acquired a new stake in shares of Nextracker in the 1st quarter valued at approximately $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Nextracker by 1,800.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after buying an additional 801,780 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Nextracker by 2,854.7% during the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after buying an additional 713,463 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

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.