Nextracker (NASDAQ:NXT) Shares Gap Down to $56.20

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $56.20, but opened at $53.70. Nextracker shares last traded at $53.06, with a volume of 563,380 shares trading hands.

Wall Street Analyst Weigh In

NXT has been the subject of several recent analyst reports. BMO Capital Markets assumed coverage on shares of Nextracker in a report on Friday, March 22nd. They set a "market perform" rating and a $69.00 price objective for the company. Truist Financial lifted their price target on Nextracker from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, January 23rd. Guggenheim started coverage on Nextracker in a research note on Thursday, February 8th. They set a "buy" rating and a $73.00 price objective on the stock. Daiwa Capital Markets assumed coverage on Nextracker in a report on Monday. They issued an "outperform" rating and a $63.00 price target for the company. Finally, Citigroup raised their price objective on Nextracker from $45.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 31st. Three equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $57.70.

Nextracker Price Performance

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. The business has a fifty day moving average price of $56.33 and a 200 day moving average price of $45.87.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.37 by $0.51. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The firm had revenue of $710.43 million for the quarter, compared to analysts' expectations of $615.53 million. Research analysts anticipate that Nextracker Inc. will post 2.35 earnings per share for the current year.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently modified their holdings of NXT. C M Bidwell & Associates Ltd. purchased a new stake in Nextracker during the second quarter valued at about $34,000. Wahed Invest LLC acquired a new position in shares of Nextracker in the fourth quarter worth $43,000. Tucker Asset Management LLC purchased a new stake in shares of Nextracker during the third quarter worth $42,000. Atlas Capital Advisors LLC acquired a new stake in Nextracker during the fourth quarter valued at $51,000. Finally, Global Retirement Partners LLC purchased a new position in Nextracker in the fourth quarter valued at about $63,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.