Recently, several analysts have rated Nextracker. Susquehanna gave it a “positive” rating with a $59 price target on June 28. Jefferies rated it a “hold” with a $46 target on September 4. Barclays lowered their target from $61 to $47, while BMO decreased theirs from $56 to $44. Bank of America raised its target from $64 to $66, giving a “buy” rating. Overall, five analysts suggest holding the stock, and fifteen recommend buying it, resulting in a consensus rating of “Moderate Buy” with a target of $56.65.
View Our Latest Stock Report on NXT
Nextracker Stock Down 0.1%
Nextracker’s stock opened at $33.52 on Wednesday. Its 50-day moving average is $37.31, and the 200-day average is $44.68. The company has a debt-to-equity ratio of 0.13 and a market cap of $4.87 billion. Its P/E ratio is 8.89. The stock reached a year’s low of $32.19 and a high of $62.31.
On August 1, Nextracker reported quarterly earnings of $0.93 per share, exceeding the estimate of $0.66. Revenue for the quarter was $719.92 million, up 50.1% year-over-year, with analysts expecting an EPS of 2.52 for this fiscal year.
Hedge Funds Weigh In
Recent institutional activity includes Raymond James increasing their stake by 25.4%, AlphaMark Advisors entering with a $306,000 investment, and Renaissance Capital raising its holdings by 48.5%. About 67.41% of Nextracker’s stock is owned by institutional investors.
About Nextracker
Nextracker Inc provides solar tracking solutions for utility-scale and distributed solar projects. Its products include NX Horizon and NX Horizon-XTR, designed for various terrains.
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