The Goldman Sachs Group Lowers Nextracker (NASDAQ:NXT) Price Target to $54.00

Nextracker (NASDAQ:NXT) had its target price decreased by The Goldman Sachs Group from $63.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

NXT has been the subject of several other research reports. JPMorgan Chase & Co. decreased their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group initiated coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price on the stock. BMO Capital Markets reduced their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Truist Financial upped their price target on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Barclays reduced their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.50.

Nextracker Trading Up 0.5 %

Shares of NASDAQ:NXT opened at $35.72 on Tuesday. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The firm has a market cap of $5.20 billion, a P/E ratio of 8.91 and a beta of 2.09. The company has a 50 day moving average of $36.82 and a 200-day moving average of $41.67. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently modified their holdings of NXT. Holocene Advisors LP acquired a new stake in Nextracker in the third quarter valued at approximately $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker during the second quarter worth $43,078,000. Erste Asset Management GmbH bought a new position in Nextracker during the third quarter valued at about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 1,800.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after buying an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after acquiring an additional 713,463 shares in 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.