Nextracker Inc. (NASDAQ: NXT) stock fell -0.63% on Friday to $42.88 against a previous-day closing price of $43.15. With 2.47 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.61 million shares. During the session, the Solar company that operates in wider Technology sector, reached to the highest price of $43.59 whereas the lowest price it dropped to was $42.12. The 52-week range on NXT shows that it touched its highest point at $46.55 and its lowest point at $28.24 during that stretch. It currently has a 1-year price target of $49.20.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NXT was up-trending over the past week, with a rise of 0.63%, but this was up by 10.40% over a month. Three-month performance surged to 0.70% while six-month performance rose 44.82%. A look at the trailing 12-month EPS for NXT yields -0.68 with Next year EPS estimates of 2.12. For the next quarter, that number is 0.36. This implies an EPS growth rate of -98.00% for this year and 31.76% for next year.
Float and Shares Shorts:
At present, 46.41 million NXT shares are outstanding with a float of 45.82 million shares on hand for trading. On Aug 30, 2023, short shares totaled 4.82 million, which was 7.78% higher than short shares on Jul 30, 2023. In addition to Mr. Daniel S. Shugar as the firm’s Co-Founder, CEO & Director, Mr. Howard J. Wenger serves as its Pres.
Through their ownership of 105.95% of NXT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 56.28% of NXT, in contrast to 51.23% held by mutual funds. Shares owned by individuals account for 28.00%. As the largest shareholder in NXT with 9.34% of the stake, The Vanguard Group, Inc. holds 4,284,866 shares worth 4,284,866. A second-largest stockholder of NXT, Citadel Advisors LLC, holds 2,486,489 shares, controlling over 5.42% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in NXT, holding 1,821,724 shares or 3.97% stake. With a 3.26% stake in NXT, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 1,495,283 shares are owned by the mutual fund manager. The Handelsbanken Hallbar Energi, which owns about 3.22% of NXT stock, is the second-largest Mutual Fund holder. It holds 1,477,591 shares valued at 62.24 million. BlackRock Global Funds – World Te holds 3.17% of the stake in NXT, owning 1,454,880 shares worth 61.28 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, NXT reported revenue of $403.23M and operating income of $29.77M. The EBITDA in the recently reported quarter was $31.04M and diluted EPS was $0.00.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NXT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With NXT analysts setting a high price target of $60.00 and a low target of $43.00, the average target price over the next 12 months is $50.23. Based on these targets, NXT could surge 39.93% to reach the target high and rise by 0.28% to reach the target low. Reaching the average price target will result in a growth of 17.14% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded NXT stock several times over the past three months with 0 Buys and 1 Sells. In these transactions, 0 shares were bought while 2,518,438 shares were sold. The number of buy transactions has increased to 7 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 128,892 while 2,558,660 shares were sold.