Nextracker (NASDAQ:NXT) PT Lowered to $58.00 at Wells Fargo & Company

Nextracker (NASDAQ:NXT) had its price objective decreased by stock analysts at Wells Fargo & Company from $64.00 to $58.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 80.40% from the company’s current price.

A number of other research firms have also issued reports on NXT. Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. BMO Capital Markets lowered their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Roth Mkm cut their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. 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 report on Friday, August 16th. Finally, Barclays cut their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.35.

Nextracker Stock Performance

Shares of NXT traded down $0.41 during trading hours on Tuesday, hitting $32.15. The company’s stock had a trading volume of 594,234 shares, compared to its average volume of 3,700,186. The business has a 50 day simple moving average of $36.45 and a two-hundred day simple moving average of $43.85. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The company has a market cap of $4.67 billion, a price-to-earnings ratio of 8.54 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period in the previous year, the business earned $0.48 EPS. Nextracker’s revenue was up 50.1% compared to the same quarter last year. On average, equities analysts expect that Nextracker will post 2.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Nextracker by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after buying an additional 216,674 shares during the period. PNC Financial Services Group Inc. bought a new stake in Nextracker in the 4th quarter worth $183,000. Park Avenue Securities LLC purchased a new position in shares of Nextracker in the first quarter valued at about $268,000. Allspring Global Investments Holdings LLC raised its stake 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 acquiring an additional 61,934 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. purchased a new stake in shares of Nextracker during the first quarter worth about $150,000. 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 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.