Nextracker (NASDAQ:NXT) Coverage Initiated at Daiwa Capital Markets

Stock analysts at Daiwa Capital Markets initiated coverage on shares of Nextracker (NASDAQ:NXT - Get Free Report) in a research note issued to investors on Monday, Marketbeat reports. The firm set an "outperform" rating and a $63.00 price target on the stock. Daiwa Capital Markets' price target would indicate a potential upside of 12.10% from the stock's previous close.

NXT has been the subject of a number of other reports. JPMorgan Chase & Co. cut their target price on Nextracker from $73.00 to $67.00 and set an "overweight" rating for the company in a research report on Thursday, February 29th. Citigroup upped their target price on Nextracker from $45.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 31st. Cantor Fitzgerald upped their price target on Nextracker from $52.00 to $62.00 and gave the company an "overweight" rating in a report on Thursday, February 1st. Roth Mkm boosted their target price on shares of Nextracker from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, February 1st. Finally, Guggenheim started coverage on shares of Nextracker in a research note on Thursday, February 8th. They set a "buy" rating and a $73.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.17.

Nextracker Trading Down 0.1 %

Nextracker stock traded down $0.07 during midday trading on Monday, hitting $56.20. The stock had a trading volume of 2,022,487 shares, compared to its average volume of 4,446,356. The stock has a market cap of $7.67 billion, a P/E ratio of 30.05, a P/E/G 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. 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 posted 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. The company had revenue of $710.43 million during the quarter, compared to analyst estimates of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. On average, equities analysts anticipate that Nextracker will post 2.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextracker

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Alps Advisors Inc. raised its holdings in shares of Nextracker by 43.8% during the third quarter. Alps Advisors Inc. now owns 188,457 shares of the company's stock worth $7,568,000 after acquiring an additional 57,371 shares during the period. Federated Hermes Inc. bought a new stake in Nextracker in the 3rd quarter valued at about $4,323,000. Rhumbline Advisers boosted its holdings in Nextracker by 61.6% in the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company's stock valued at $2,749,000 after purchasing an additional 26,092 shares during the period. Versor Investments LP bought a new stake in Nextracker in the 3rd quarter valued at about $450,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Nextracker by 23.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 380,808 shares of the company's stock valued at $15,293,000 after purchasing an additional 73,413 shares during the period. 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.