Nextracker’s (NXT) “Buy” Rating Reiterated at Guggenheim

Guggenheim restated their buy rating on shares of Nextracker (NASDAQ:NXT) in a research report released on Friday,Benzinga reports. Guggenheim currently has a $55.00 price target on the stock.

Several other analysts also recently weighed in on the company. Robert W. Baird reduced their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Susquehanna cut their target price 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. Roth Mkm decreased their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Piper Sandler dropped their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Trading Up 3.9 %

NASDAQ NXT opened at $38.85 on Friday. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 9.69 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm’s fifty day moving average price is $36.53 and its 200 day moving average price is $43.06.

Hedge Funds Weigh In On Nextracker

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new position in shares of Nextracker in the third quarter valued at $74,000. Geode Capital Management LLC grew its stake in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Duff & Phelps Investment Management Co. increased its holdings in Nextracker by 31.2% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock valued at $652,000 after acquiring an additional 4,138 shares in the last quarter. Barclays PLC increased its holdings in Nextracker by 259.8% during the 3rd quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after acquiring an additional 187,598 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. acquired a new position in Nextracker during the third quarter worth about $112,000. 67.41% of the stock is owned by institutional investors and hedge funds.

About Nextracker

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.