Truist Financial Lowers Nextracker (NASDAQ:NXT) Price Target to $50.00

Nextracker (NASDAQ:NXT) had its price objective cut by Truist Financial from $65.00 to $50.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Susquehanna started coverage on Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 price objective on the stock. Guggenheim lowered their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Finally, Roth Mkm dropped their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.65.

Nextracker Price Performance

NXT stock opened at $33.52 on Wednesday. The stock has a market cap of $4.87 billion, a PE ratio of 8.89 and a beta of 2.47. Nextracker has a 12 month low of $32.19 and a 12 month high of $62.31. The company has a 50-day moving average price of $37.31 and a 200 day moving average price of $44.68. 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 released its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating 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 firm had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. During the same quarter in the prior year, the firm posted $0.48 earnings per share. The company’s quarterly revenue was up 50.1% on a year-over-year basis. Equities research analysts anticipate that Nextracker will post 2.52 earnings per share for the current year.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new position in Nextracker during the fourth quarter valued at $2,775,000. Vanguard Group Inc. grew its holdings in Nextracker by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after acquiring an additional 216,674 shares during the period. PNC Financial Services Group Inc. acquired a new position in Nextracker in the fourth quarter valued at approximately $183,000. First Hawaiian Bank purchased a new stake in Nextracker in the 1st quarter worth approximately $703,000. Finally, Perpetual Ltd acquired a new stake in shares of Nextracker during the 1st quarter worth approximately $456,000. Hedge funds and other 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.