Nextracker (NASDAQ:NXT – Get Rating) issued an update on its FY 2024 earnings guidance on Friday. The company provided EPS guidance of $1.35-$1.55 for the period, compared to the consensus EPS estimate of $1.41. The company issued revenue guidance of $2.10 billion-$2.30 billion, compared to the consensus revenue estimate of $1.88 billion.
Nextracker Stock Up 10.3 %
Shares of Nextracker stock traded up $3.65 on Friday, hitting $39.08. The company’s stock had a trading volume of 2,355,288 shares, compared to its average volume of 1,374,061. Nextracker has a 1 year low of $28.24 and a 1 year high of $40.38. The firm’s fifty day moving average is $32.61.
Wall Street Analyst Weigh In
Several research analysts have weighed in on NXT shares. Bank of America increased their target price on shares of Nextracker from $40.00 to $42.00 in a research note on Friday. Scotiabank started coverage on shares of Nextracker in a research note on Monday, March 6th. They set a sector outperform rating and a $38.00 price target on the stock. Credit Suisse Group initiated coverage on Nextracker in a report on Monday, March 6th. They issued an outperform rating and a $36.00 target price on the stock. Citigroup initiated coverage on shares of Nextracker in a research report on Monday, March 6th. They issued a neutral rating and a $36.00 price objective for the company. Finally, JPMorgan Chase & Co. began coverage on Nextracker in a research report on Monday, March 6th. They issued an overweight rating and a $42.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Nextracker currently has a consensus rating of Moderate Buy and an average price target of $40.64.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC acquired a new stake in Nextracker during the 1st quarter worth approximately $55,000. California State Teachers Retirement System acquired a new position in shares of Nextracker during the 1st quarter valued at $416,000. Sei Investments Co. purchased a new stake in Nextracker during the 1st quarter worth $645,000. Rhumbline Advisers purchased a new stake in Nextracker during the 1st quarter worth $1,326,000. Finally, UBS Group AG acquired a new stake in Nextracker in the 1st quarter valued at $1,605,000.
About Nextracker
Nextracker Inc is a provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar power plants. Nextracker Inc is based in SAN JOSE, Calif.