Nextracker’s (NXT) Buy Rating Reaffirmed at Guggenheim

Nextracker (NASDAQ:NXT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $55.00 price objective on the stock. Guggenheim’s price target suggests a potential upside of 43.68% from the stock’s previous close.

A number of other analysts have also commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. Roth Mkm cut their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Piper Sandler reduced their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday. Finally, Truist Financial boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Stock Up 2.4 %

NASDAQ:NXT traded up $0.88 during trading hours on Friday, reaching $38.28. The company had a trading volume of 676,607 shares, compared to its average volume of 3,701,632. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. 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 $5.57 billion, a price-to-earnings ratio of 9.60 and a beta of 2.32. The business’s 50-day simple moving average is $36.51 and its two-hundred day simple moving average is $43.15.

Institutional Investors Weigh In On Nextracker

Several large investors have recently modified their holdings of NXT. GAMMA Investing LLC grew its holdings in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares during the period. Fifth Third Bancorp grew its stake in shares of Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after acquiring an additional 641 shares during the period. TFC Financial Management Inc. bought a new stake in Nextracker in the 2nd quarter valued at about $32,000. Rothschild Investment LLC purchased a new stake in Nextracker during the second quarter valued at about $35,000. Finally, Covestor Ltd boosted its position in Nextracker by 29,300.0% during the first quarter. Covestor Ltd now owns 882 shares of the company’s stock worth $49,000 after purchasing an additional 879 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.