Piper Sandler Lowers Nextracker (NASDAQ:NXT) Price Target to $47.00

Nextracker (NASDAQ:NXT) had its price target cut by Piper Sandler from $60.00 to $47.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also weighed in on NXT. Guggenheim cut their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Roth Mkm reduced their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company lowered their price objective on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Finally, Susquehanna decreased their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Four 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. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Trading Up 3.9 %

Nextracker stock opened at $38.85 on Friday. The stock has a 50-day moving average price of $36.53 and a 200 day moving average price of $43.06. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The stock has a market cap of $5.65 billion, a PE ratio of 9.69 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the period. TFC Financial Management Inc. bought a new position in shares of Nextracker in the 2nd quarter worth about $32,000. Rothschild Investment LLC acquired a new position in shares of Nextracker in the 2nd quarter valued at about $35,000. Finally, Covestor Ltd grew its position in shares of Nextracker by 29,300.0% during the 1st quarter. Covestor Ltd now owns 882 shares of the company’s stock valued at $49,000 after buying an additional 879 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.