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

Nextracker (NASDAQ:NXT) had its target price dropped by equities researchers at Wells Fargo & Company from $70.00 to $69.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 62.24% from the company’s previous close.

A number of other research firms have also recently weighed in on NXT. JPMorgan Chase & Co. dropped their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Piper Sandler reduced their price target on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Truist Financial raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Guggenheim reiterated a “buy” rating and set a $55.00 target price on shares of Nextracker in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Nextracker Price Performance

Shares of Nextracker stock opened at $42.53 on Wednesday. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 10.61 and a beta of 2.04. The firm’s 50-day moving average price is $38.32 and its two-hundred day moving average price is $39.62. 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 1-year low of $30.93 and a 1-year high of $62.31.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its position in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after purchasing an additional 372 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Nextracker in the second quarter valued at $285,000. Wedbush Securities Inc. increased its holdings in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after buying an additional 461 shares during the last quarter. Texas Permanent School Fund Corp bought a new stake in Nextracker during the second quarter worth $628,000. Finally, Headlands Technologies LLC lifted its stake in Nextracker by 1,005.4% in the second quarter. Headlands Technologies LLC now owns 45,364 shares of the company’s stock valued at $2,127,000 after acquiring an additional 41,260 shares during the last quarter. Institutional investors and hedge funds 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.