Nextracker’s (NXT) Buy Rating Reaffirmed at Guggenheim

Guggenheim reissued their buy rating on shares of Nextracker (NASDAQ:NXT) in a report released on Friday morning,Benzinga reports. They currently have a $55.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the stock. Bank of America decreased their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Susquehanna decreased their price target 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. Wells Fargo & Company lowered their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Piper Sandler cut their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Truist Financial boosted their price target on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Four 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Stock Performance

NASDAQ NXT opened at $38.85 on Friday. The business’s 50-day moving average price is $36.53 and its 200 day moving average price is $43.06. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a market capitalization 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 bought and sold shares of the business. Edgestream Partners L.P. acquired a new position in Nextracker during the 1st quarter worth $235,000. Covestor Ltd increased its holdings in Nextracker by 29,300.0% in the first 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. O Shaughnessy Asset Management LLC acquired a new stake in Nextracker during the first quarter valued at approximately $1,199,000. American International Group Inc. lifted its holdings in Nextracker by 151.5% during the 1st quarter. American International Group Inc. now owns 62,059 shares of the company’s stock worth $3,492,000 after buying an additional 37,380 shares during the last quarter. Finally, Shell Asset Management Co. grew its position in shares of Nextracker by 374.7% in the 1st quarter. Shell Asset Management Co. now owns 7,676 shares of the company’s stock worth $432,000 after acquiring an additional 6,059 shares in the last quarter. 67.41% of the stock is currently 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.