Nextracker (NASDAQ:NXT) Downgraded to Equal Weight at Barclays

Barclays lowered shares of Nextracker (NASDAQ:NXTFree Report) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, Marketbeat reports. They currently have $63.00 price target on the stock, up from their prior price target of $55.00.

A number of other research firms have also commented on NXT. Mizuho upped their price objective on shares of Nextracker from $56.00 to $64.00 and gave the company a buy rating in a research note on Thursday, February 1st. Cantor Fitzgerald raised their price objective on shares of Nextracker from $52.00 to $62.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Robert W. Baird started coverage on shares of Nextracker in a research report on Thursday, March 21st. They set an outperform rating and a $71.00 target price for the company. Piper Sandler lifted their target price on shares of Nextracker from $60.00 to $63.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Finally, Daiwa Capital Markets initiated coverage on shares of Nextracker in a research report on Monday. They set an outperform rating and a $63.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $57.70.

Check Out Our Latest Stock Report on NXT

Nextracker Trading Down 6.9 %

Shares of NASDAQ:NXT opened at $52.34 on Tuesday. The firm has a 50 day moving average of $56.33 and a 200-day moving average of $45.87. The stock has a market capitalization of $7.15 billion, a PE ratio of 27.99, a PEG ratio of 0.68 and a beta of 1.94. Nextracker has a 12 month low of $29.28 and a 12 month high of $62.14.

Nextracker (NASDAQ:NXTGet Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.51. The company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. On average, research analysts predict that Nextracker will post 2.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. C M Bidwell & Associates Ltd. purchased a new stake in shares of Nextracker in the 2nd quarter worth about $34,000. Wahed Invest LLC purchased a new stake in shares of Nextracker in the 4th quarter worth about $43,000. Tucker Asset Management LLC purchased a new stake in shares of Nextracker in the 3rd quarter worth about $42,000. Atlas Capital Advisors LLC purchased a new stake in shares of Nextracker in the 4th quarter worth about $51,000. Finally, Global Retirement Partners LLC acquired a new position in Nextracker in the 4th quarter valued at about $63,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Nextracker (NASDAQ:NXT)

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