Nextracker (NASDAQ:NXT) PT Lowered to $65.00 at Roth Mkm

Nextracker (NASDAQ:NXT) had its target price decreased by Roth Mkm from $70.00 to $65.00 in a research report report published on Friday morning, Benzinga reports. Roth Mkm currently has a buy rating on the stock.

A number of other research analysts have also weighed in on the stock. Northland Securities lowered shares of Nextracker from an outperform rating to a market perform rating and decreased their price target for the company from $60.00 to $44.00 in a research note on Friday, April 26th. BMO Capital Markets lowered their price target on Nextracker from $62.00 to $56.00 and set a market perform rating on the stock in a research note on Wednesday, May 15th. Truist Financial reduced their price objective on Nextracker from $70.00 to $65.00 and set a buy rating for the company in a research note on Monday, July 29th. Susquehanna started coverage on shares of Nextracker in a research note on Friday, June 28th. They set a positive rating and a $59.00 target price on the stock. Finally, Barclays reduced their target price on shares of Nextracker from $63.00 to $61.00 and set an equal weight rating for the company in a research report on Tuesday, July 16th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $58.68.

Nextracker Price Performance

NASDAQ NXT traded down $1.66 during trading hours on Friday, reaching $40.32. The company’s stock had a trading volume of 1,831,503 shares, compared to its average volume of 4,060,931. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 11.49 and a beta of 2.49. The company’s 50-day moving average is $51.35 and its two-hundred day moving average is $51.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. Nextracker has a 1-year low of $32.14 and a 1-year high of $62.31.

Nextracker (NASDAQ:NXT) last announced 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. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The business’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. On average, equities analysts predict that Nextracker will post 2.62 EPS for the current year.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

A number of institutional investors have recently bought and sold shares of NXT. Oregon Public Employees Retirement Fund acquired a new position in shares of Nextracker during the 2nd quarter worth approximately $1,195,000. Rhumbline Advisers raised its holdings in shares of Nextracker by 99.7% in the second quarter. Rhumbline Advisers now owns 418,570 shares of the company’s stock worth $19,623,000 after acquiring an additional 208,953 shares during the last quarter. Versor Investments LP purchased a new stake in shares of Nextracker in the second quarter valued at $628,000. Nicola Wealth Management LTD. acquired a new stake in shares of Nextracker during the second quarter valued at $1,828,000. Finally, Rothschild Investment LLC acquired a new stake in shares of Nextracker during the second quarter valued at $35,000. 67.41% of the stock is currently 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.