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 research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 20.98% from the stock’s current price.

A number of other analysts have also issued reports on NXT. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Guggenheim lowered their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Jefferies Financial Group assumed coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target on the stock. Roth Mkm dropped their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Susquehanna reduced their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Trading Up 3.9 %

Shares of Nextracker stock opened at $38.85 on Friday. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business’s fifty day moving average is $36.53 and its two-hundred day moving average is $43.07. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market cap of $5.65 billion, a PE ratio of 9.69 and a beta of 2.32.

Institutional Investors Weigh In On Nextracker

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC boosted its stake in Nextracker by 23.3% during 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. Wellington Management Group LLP boosted 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 acquiring an additional 688,810 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after acquiring an additional 315,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares during the last quarter. Hedge funds and other 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.