Cantor Fitzgerald Reaffirms Overweight Rating for Nextracker (NASDAQ:NXT)

Cantor Fitzgerald restated their overweight rating on shares of Nextracker (NASDAQ:NXT) in a report released on Friday, Benzinga reports. The firm currently has a $55.00 target price on the stock.

A number of other research firms have also recently commented on NXT. Scotiabank cut their target price on shares of Nextracker from $55.00 to $50.00 and set a sector outperform rating for the company in a research note on Monday, April 29th. Roth Mkm reissued a buy rating and issued a $70.00 price objective on shares of Nextracker in a research report on Wednesday, May 15th. Piper Sandler dropped their target price on shares of Nextracker from $66.00 to $64.00 and set an overweight rating on the stock in a research report on Thursday, April 11th. JPMorgan Chase & Co. raised their price objective on shares of Nextracker from $63.00 to $65.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. Finally, Bank of America raised their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a buy rating in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $58.68.

Nextracker Price Performance

Shares of Nextracker stock traded down $4.85 during trading on Friday, reaching $41.98. 8,965,076 shares of the stock traded hands, compared to its average volume of 2,707,945. 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 52-week low of $32.14 and a 52-week high of $62.31. The business has a fifty day simple moving average of $51.35 and a two-hundred day simple moving average of $51.45. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 12.49 and a beta of 2.49.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 14.87% and a negative return on equity of 20.75%. The company had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. Sell-side analysts expect that Nextracker will post 2.62 EPS for the current year.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.

Institutional Trading of Nextracker

A number of hedge funds have recently bought and sold shares of NXT. Global Retirement Partners LLC bought a new position in shares of Nextracker in the fourth quarter worth about $63,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Nextracker by 19.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,832 shares of the company’s stock valued at $1,304,000 after purchasing an additional 4,486 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Nextracker by 330.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock worth $18,195,000 after buying an additional 298,088 shares during the period. Moody Aldrich Partners LLC raised its holdings in shares of Nextracker by 117.0% in the fourth quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after buying an additional 72,441 shares during the period. Finally, Iridian Asset Management LLC CT purchased a new position in Nextracker during the 4th quarter worth $564,000. 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 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.