Wells Fargo & Company Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price target reduced by Wells Fargo & Company from $70.00 to $69.00 in a research note published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also recently issued reports about the stock. Piper Sandler dropped their target price on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. TD Cowen assumed coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Northland Capmk raised Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Northland Securities restated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group cut their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $53.10.

Nextracker Stock Down 3.4 %

Shares of Nextracker stock opened at $41.10 on Wednesday. The business has a 50-day moving average price of $38.35 and a 200 day moving average price of $39.55. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm has a market cap of $5.98 billion, a P/E ratio of 10.25 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Holocene Advisors LP acquired a new position in shares of Nextracker in the third quarter worth about $45,416,000. Erste Asset Management GmbH purchased a new stake in shares of Nextracker in the 3rd quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after purchasing an additional 745,665 shares during the period. State Street Corp grew its position in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the period. Institutional investors own 67.41% of the company’s stock.

Nextracker Company Profile

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.