JPMorgan Chase & Co. Lowers Nextracker (NASDAQ:NXT) Price Target to $67.00

Nextracker (NASDAQ:NXTGet Free Report) had its target price lowered by JPMorgan Chase & Co. from $73.00 to $67.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 19.54% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Guggenheim began coverage on shares of Nextracker in a report on Thursday, February 8th. They issued a “buy” rating and a $73.00 price target on the stock. Mizuho raised their price target on shares of Nextracker from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Cantor Fitzgerald raised their price target on shares of Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Barclays raised their price target on shares of Nextracker from $50.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, January 22nd. Finally, Citigroup raised their price target on shares of Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $53.52.

Get Our Latest Analysis on Nextracker

Nextracker Stock Performance

Shares of NXT stock traded down $2.66 on Thursday, hitting $56.05. 1,492,852 shares of the company’s stock traded hands, compared to its average volume of 5,010,787. Nextracker has a one year low of $28.24 and a one year high of $61.77. The company’s fifty day simple moving average is $50.18 and its 200 day simple moving average is $43.06. The stock has a market capitalization of $7.65 billion and a price-to-earnings ratio of 30.06.

Nextracker (NASDAQ:NXTGet 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 company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. As a group, sell-side analysts anticipate that Nextracker will post 2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NXT. BlackRock Inc. purchased a new position in Nextracker during the 1st quarter valued at about $154,708,000. Norges Bank purchased a new position in Nextracker in the fourth quarter worth about $120,861,000. JPMorgan Chase & Co. purchased a new position in Nextracker in the first quarter worth about $42,403,000. Morgan Stanley raised its holdings in Nextracker by 337.3% in the third quarter. Morgan Stanley now owns 1,433,301 shares of the company’s stock worth $57,561,000 after buying an additional 1,105,536 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Nextracker by 3,423.9% in the second quarter. Alliancebernstein L.P. now owns 1,113,857 shares of the company’s stock worth $44,343,000 after buying an additional 1,082,248 shares during the last quarter. 44.28% of the stock is owned by hedge funds and other institutional investors.

About Nextracker

(Get Free Report)

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.

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