Jefferies Financial Group Begins Coverage on Nextracker (NASDAQ:NXT)

Jefferies Financial Group initiated coverage on shares of Nextracker (NASDAQ:NXT) in a report issued on Wednesday morning, Marketbeat.com reports. The firm issued a hold rating and a $46.00 price target on the stock.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed an overweight rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Guggenheim reduced their target price on Nextracker from $60.00 to $55.00 and set a buy rating on the stock in a research note on Friday, August 16th. Susquehanna initiated coverage on Nextracker in a research report on Friday, June 28th. They set a positive rating and a $59.00 price target for the company. Bank of America upped their price objective on Nextracker from $64.00 to $66.00 and gave the company a buy rating in a research report on Wednesday, July 17th. Finally, Fox Advisors upgraded Nextracker from an equal weight rating to an overweight rating and set a $60.00 price objective for the company in a research report on Wednesday, May 15th. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, Nextracker presently has a consensus rating of Moderate Buy and an average target price of $57.91.

Nextracker Stock Performance

NASDAQ NXT opened at $34.60 on Wednesday. The business has a 50 day moving average price of $43.43 and a 200 day moving average price of $49.32. The company has a market capitalization of $5.02 billion, a P/E ratio of 10.30, a PEG ratio of 5.87 and a beta of 2.49. Nextracker has a 1-year low of $32.14 and a 1-year 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.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. Nextracker’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 earnings per share. Sell-side analysts expect that Nextracker will post 2.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. increased its position in Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC grew its stake in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the period. Hilltop National Bank increased its position in shares of Nextracker by 40.6% in the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after acquiring an additional 343 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the period. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker during the 1st quarter valued at $25,000. Hedge funds and other institutional investors 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.