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

Nextracker (NASDAQ:NXT) had its price objective cut by analysts at Piper Sandler from $60.00 to $47.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 21.45% from the stock’s current price.

Several other research firms also recently weighed in on NXT. Jefferies Financial Group initiated coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Roth Mkm reduced their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Barclays reduced their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Northland Capmk raised Nextracker to a “strong-buy” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Stock Up 3.5 %

Shares of NXT stock traded up $1.30 during trading hours on Friday, reaching $38.70. 340,342 shares of the stock were exchanged, compared to its average volume of 3,700,151. The business’s fifty day moving average is $36.51 and its two-hundred day moving average is $43.15. The firm has a market capitalization of $5.63 billion, a P/E ratio of 9.54 and a beta of 2.32. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Institutional Trading of Nextracker

A number of large investors have recently modified their holdings of NXT. 1832 Asset Management L.P. boosted its stake in Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after purchasing an additional 275 shares during the period. GAMMA Investing LLC boosted its position in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the period. Hilltop National Bank grew its holdings in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after buying an additional 343 shares in the last quarter. Arizona State Retirement System increased its position in Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the period. Finally, Quarry LP increased its position in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the period. Institutional investors and hedge funds 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.