Nextracker (NASDAQ:NXT) Hits New 52-Week Low – Should You Sell?

by · The Cerbat Gem

Nextracker Inc. (NASDAQ:NXT – Get Free Report)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $32.31 and last traded at $32.31, with a volume of 470290 shares traded. The stock had previously closed at $33.52.

Analysts Set New Price Targets

NXT has been the subject of a number of recent analyst reports. BMO Capital Markets reduced their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Truist Financial decreased their price objective on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Bank of America boosted their target price on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Finally, Susquehanna lowered their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.65.

Get Our Latest Research Report on NXT

Nextracker Stock Down 2.7 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The company has a fifty day moving average price of $37.31 and a 200 day moving average price of $44.63. The company has a market cap of $4.73 billion, a PE ratio of 9.79 and a beta of 2.47.

Nextracker (NASDAQ:NXT – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The business’s revenue for the quarter was up 50.1% compared to the same quarter last year. As a group, analysts anticipate that Nextracker Inc. will post 2.52 EPS for the current year.

Hedge Funds Weigh In On Nextracker

A number of large investors have recently modified their holdings of NXT. Vanguard Group Inc. raised its stake in shares of Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after acquiring an additional 7,821,368 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Nextracker by 5.7% in the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock worth $96,218,000 after purchasing an additional 110,707 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Nextracker by 35.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after buying an additional 460,739 shares during the period. Handelsbanken Fonder AB grew its stake in shares of Nextracker by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock valued at $62,802,000 after buying an additional 84,069 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Nextracker by 146.2% in the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock worth $53,550,000 after buying an additional 678,261 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Company Profile

(Get Free Report)

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.

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