Nextracker (NASDAQ:NXT) Price Target Cut to $58.00 by Analysts at JPMorgan Chase & Co.

Nextracker (NASDAQ:NXT) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $62.00 to $58.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 69.39% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group initiated coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Susquehanna dropped their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday. BMO Capital Markets reduced their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday. Truist Financial lowered their price target on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Guggenheim lowered their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Nextracker Price Performance

NASDAQ NXT traded down $0.80 during trading on Thursday, hitting $34.24. 196,119 shares of the stock traded hands, compared to its average volume of 3,753,589. The company has a market capitalization of $4.97 billion, a P/E ratio of 10.19, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47. The firm has a 50-day simple moving average of $37.57 and a 200-day simple moving average of $44.97. Nextracker has a 12-month low of $32.19 and a 12-month high of $62.31. The company has a quick ratio of 1.91, a current ratio of 2.11 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, topping the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the business earned $0.48 EPS. As a group, analysts predict that Nextracker will post 2.52 EPS for the current year.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares in the last quarter. TFC Financial Management Inc. purchased a new stake in Nextracker during the second quarter worth approximately $32,000. Fifth Third Bancorp boosted its holdings in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares in the last quarter. Rothschild Investment LLC purchased a new position in Nextracker in the second quarter valued at approximately $35,000. Finally, Toth Financial Advisory Corp acquired a new stake in Nextracker during the first quarter worth approximately $38,000. 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.