Nextracker (NASDAQ:NXT) Stock Rating Lowered by Barclays

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by investment analysts at Barclays from an "overweight" rating to an "equal weight" rating in a research note issued on Tuesday, Marketbeat Ratings reports. They presently have a $63.00 price target on the stock, up from their previous price target of $55.00. Barclays's target price indicates a potential upside of 20.37% from the stock's previous close.

A number of other brokerages have also weighed in on NXT. Guggenheim started coverage on shares of Nextracker in a research report on Thursday, February 8th. They set a "buy" rating and a $73.00 target price for the company. Daiwa Capital Markets started coverage on shares of Nextracker in a research report on Monday. They set an "outperform" rating and a $63.00 target price for the company. Cantor Fitzgerald upped their target price on shares of Nextracker from $52.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday, February 1st. BMO Capital Markets started coverage on shares of Nextracker in a research report on Friday, March 22nd. They set a "market perform" rating and a $69.00 target price for the company. Finally, 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 price objective for the company. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.70.

Nextracker Stock Performance

Shares of NASDAQ NXT traded down $3.86 during midday trading on Tuesday, reaching $52.34. The stock had a trading volume of 4,302,365 shares, compared to its average volume of 4,444,540. The stock has a 50-day moving average of $56.33 and a 200-day moving average of $45.87. The company has a market capitalization of $7.15 billion, a price-to-earnings ratio of 27.99, a price-to-earnings-growth 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:NXT - Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.51. The firm had revenue of $710.43 million during the quarter, compared to analysts' expectations of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. As a group, analysts forecast that Nextracker will post 2.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. C M Bidwell & Associates Ltd. acquired a new stake in Nextracker during the 2nd quarter valued at approximately $34,000. Tucker Asset Management LLC acquired a new stake in Nextracker during the 3rd quarter valued at approximately $42,000. Wahed Invest LLC acquired a new stake in Nextracker during the 4th quarter valued at approximately $43,000. Atlas Capital Advisors LLC acquired a new stake in Nextracker during the 4th quarter valued at approximately $51,000. Finally, Tower Research Capital LLC TRC acquired a new stake in Nextracker during the 1st quarter valued at approximately $55,000. Hedge funds and other 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 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.