Nextracker Inc. (NASDAQ:NXT) Receives Average Recommendation of “Moderate Buy” from Analysts

by · The Cerbat Gem

Nextracker Inc. (NASDAQ:NXT – Get Free Report) has earned an average rating of “Moderate Buy” from the twenty-two research firms that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $46.90.

A number of brokerages have recently issued reports on NXT. Northland Securities raised shares of Nextracker from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Thursday, October 26th. JPMorgan Chase & Co. cut their price objective on shares of Nextracker from $55.00 to $52.00 and set an “overweight” rating for the company in a research note on Thursday, October 19th. Wells Fargo & Company began coverage on shares of Nextracker in a research note on Monday, September 18th. They issued an “equal weight” rating and a $44.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $52.00 price target on shares of Nextracker in a report on Thursday, October 26th. Finally, Janney Montgomery Scott began coverage on shares of Nextracker in a report on Monday, October 16th. They set a “buy” rating and a $43.00 price target for the company.

Get Our Latest Stock Report on NXT

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NXT. California State Teachers Retirement System bought a new position in shares of Nextracker in the 1st quarter worth about $416,000. Bank of New York Mellon Corp bought a new position in shares of Nextracker in the 1st quarter worth about $3,277,000. Tower Research Capital LLC TRC bought a new position in shares of Nextracker in the 1st quarter worth about $55,000. Rhumbline Advisers bought a new position in shares of Nextracker in the 1st quarter worth about $1,326,000. Finally, FMR LLC purchased a new stake in Nextracker during the 1st quarter valued at about $27,287,000. 44.28% of the stock is currently owned by institutional investors.

Nextracker Stock Down 0.3 %

Shares of Nextracker stock opened at $41.99 on Friday. Nextracker has a 52-week low of $28.24 and a 52-week high of $49.82. The company has a fifty day moving average of $41.36 and a 200-day moving average of $40.01.

Nextracker (NASDAQ:NXT – Get Free Report) last announced its quarterly earnings data on Wednesday, October 25th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.25. Nextracker had a net margin of 4.96% and a negative return on equity of 8.13%. The company had revenue of $573.36 million during the quarter, compared to analysts’ expectations of $547.24 million. Analysts predict that Nextracker will post 1.77 earnings per share for the current fiscal year.

About Nextracker

(Get Free Report

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.

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