Piper Sandler Has Lowered Expectations for Nextracker (NASDAQ:NXT) Stock Price

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

Other research analysts have also recently issued reports about the company. Bank of America dropped their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Jefferies Financial Group began coverage on Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price on the stock. Guggenheim dropped their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, Barclays decreased their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Trading Up 4.0 %

Nextracker stock opened at $40.40 on Friday. The stock has a market capitalization of $5.88 billion, a PE ratio of 10.07 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The business’s fifty day moving average is $36.60 and its 200 day moving average is $43.04. Nextracker has a one year low of $30.93 and a one year high of $62.31.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its stake in Nextracker by 15.8% during 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 during the period. Geode Capital Management LLC increased its stake in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Wellington Management Group LLP increased its stake in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares during the last quarter. Victory Capital Management Inc. increased its stake in Nextracker by 15.4% in 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in 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 acquiring an additional 460,739 shares during the last quarter. 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.