Truist Financial Issues Positive Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target hoisted by equities research analysts at Truist Financial from $50.00 to $54.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 35.61% from the company’s previous close.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. reduced their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Robert W. Baird cut their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday. Guggenheim decreased their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Finally, Bank of America lifted their price objective on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Five equities 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 has an average rating of “Moderate Buy” and an average target price of $55.65.

Nextracker Stock Performance

NASDAQ NXT opened at $39.82 on Friday. The company’s 50 day simple moving average is $36.15 and its two-hundred day simple moving average is $43.64. 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 has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market capitalization of $5.79 billion, a PE ratio of 9.93 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last announced its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The business 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 124.74% and a net margin of 17.26%. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 EPS. Analysts predict that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of Nextracker by 15.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 450,298 shares of the company’s stock valued at $25,338,000 after purchasing an additional 61,934 shares in the last quarter. Handelsinvest Investeringsforvaltning bought a new stake in shares of Nextracker during the 1st quarter valued at $94,000. Principal Financial Group Inc. grew its position in shares of Nextracker by 338.5% in the 1st quarter. Principal Financial Group Inc. now owns 24,993 shares of the company’s stock worth $1,406,000 after buying an additional 19,293 shares during the period. Van ECK Associates Corp lifted its position in Nextracker by 39.6% during the 1st quarter. Van ECK Associates Corp now owns 64,847 shares of the company’s stock valued at $3,649,000 after acquiring an additional 18,399 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in Nextracker in the first quarter worth about $850,000. 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.