Nextracker (NASDAQ:NXT) Given New $53.00 Price Target at Robert W. Baird

Nextracker (NASDAQ:NXT) had its price objective cut by Robert W. Baird from $71.00 to $53.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also recently issued research reports about the company. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. BMO Capital Markets lowered their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Guggenheim cut their price target on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Barclays lowered their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.65.

Nextracker Stock Performance

Shares of NASDAQ NXT traded up $0.02 during mid-day trading on Thursday, hitting $39.84. The company had a trading volume of 2,084,350 shares, compared to its average volume of 3,740,544. The stock’s 50-day moving average price is $36.15 and its 200-day moving average price is $43.64. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 9.93 and a beta of 2.47. 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 has a 1 year low of $30.93 and a 1 year high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 124.74% and a net margin of 17.26%. The company’s revenue was up 50.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 earnings per share. On average, sell-side analysts forecast that Nextracker will post 2.52 earnings per share for the current year.

Hedge Funds Weigh In On Nextracker

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. GAMMA Investing LLC boosted its stake in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. TFC Financial Management Inc. bought a new stake in shares of Nextracker in the 2nd quarter worth $32,000. Fifth Third Bancorp raised its position in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after buying an additional 641 shares during the last quarter. Rothschild Investment LLC purchased a new position in Nextracker in the 2nd quarter worth about $35,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Nextracker during the 1st quarter valued at about $44,000. 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.