Robert W. Baird Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price objective decreased by equities research analysts at Robert W. Baird from $71.00 to $53.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 33.80% from the company’s previous close.

A number of other research analysts have also recently commented on NXT. Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target for the company. Barclays dropped their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Guggenheim reduced their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Finally, Bank of America boosted their target price on shares of 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 given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.65.

Nextracker Stock Down 0.5 %

NXT stock opened at $39.61 on Thursday. The stock has a market capitalization of $5.76 billion, a P/E ratio of 9.88 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. The firm has a 50-day moving average price of $36.10 and a 200-day moving average price of $43.60. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a net margin of 17.26% and a negative return on equity of 124.74%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.48 EPS. As a group, equities research analysts anticipate that Nextracker will post 2.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextracker

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