Nextracker (NASDAQ:NXT) Hits New 12-Month Low – Should You Sell?

Nextracker Inc. (NASDAQ:NXT) hit a new 52-week low on Monday . The company traded as low as $32.31 and last traded at $32.31, with a volume of 470290 shares trading hands. The stock had previously closed at $33.52.

Analyst Ratings Changes

A number of brokerages recently commented on NXT. Bank of America raised their target price on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Susquehanna reduced their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. BMO Capital Markets cut their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Finally, Jefferies Financial Group initiated 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 issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Nextracker Price Performance

The firm has a market capitalization of $4.57 billion, a PE ratio of 8.50 and a beta of 2.47. The company has a fifty day moving average price of $37.04 and a two-hundred day moving average price of $44.38. 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 earnings per share (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 business had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the previous year, the company posted $0.48 earnings per share. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. Sell-side analysts forecast that Nextracker Inc. will post 2.52 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NXT. 1832 Asset Management L.P. raised its position in shares of Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. Hilltop National Bank boosted its stake in shares of Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after buying an additional 372 shares in the last quarter. Finally, Wedbush Securities Inc. raised its position in shares of Nextracker by 8.2% in the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after buying an additional 461 shares during the last quarter. Hedge funds and other institutional investors 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.