Nextracker (NASDAQ:NXT) Shares Gap Down on Analyst Downgrade

Nextracker Inc. (NASDAQ:NXT) shares gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $70.00 to $69.00. The stock had previously closed at $43.92, but opened at $42.22. Wells Fargo & Company currently has an overweight rating on the stock. Nextracker shares last traded at $42.43, with a volume of 397,494 shares.

A number of other equities research analysts also recently commented on the company. Susquehanna cut their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. TD Cowen assumed coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Barclays cut their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, The Goldman Sachs Group reduced their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $53.10.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of the business. Nordea Investment Management AB acquired a new position in Nextracker during the fourth quarter worth $5,734,000. Central Pacific Bank Trust Division acquired a new position in Nextracker during the fourth quarter worth $94,000. Everence Capital Management Inc. acquired a new position in Nextracker during the fourth quarter worth $331,000. Retirement Systems of Alabama grew its position in shares of Nextracker by 14.9% in the third quarter. Retirement Systems of Alabama now owns 174,244 shares of the company’s stock valued at $6,531,000 after purchasing an additional 22,570 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Nextracker in the third quarter worth about $74,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Down 3.2 %

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 business has a 50 day moving average price of $38.32 and a 200 day moving average price of $39.62. The firm has a market capitalization of $6.19 billion, a P/E ratio of 10.61 and a beta of 2.04.

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.