Nextracker (NASDAQ:NXT) Given New $69.00 Price Target at Wells Fargo & Company

Nextracker (NASDAQ:NXT) had its target price dropped by analysts at Wells Fargo & Company from $70.00 to $69.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 64.99% from the company’s current price.

NXT has been the topic of a number of other research reports. Barclays cut their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Bank of America cut their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Truist Financial raised their price target on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. cut their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Robert W. Baird dropped their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Stock Down 4.8 %

Shares of Nextracker stock traded down $2.10 during trading on Wednesday, hitting $41.82. 765,098 shares of the stock traded hands, compared to its average volume of 2,494,454. The company has a fifty day moving average price of $38.05 and a two-hundred day moving average price of $39.58. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The stock has a market cap of $6.09 billion, a P/E ratio of 10.43 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions 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 worth $1,613,000 after purchasing an additional 372 shares during the period. Quarry LP boosted its holdings in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. Wedbush Securities Inc. grew its stake in Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after buying an additional 461 shares during the last quarter. HighTower Advisors LLC raised its holdings in Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after acquiring an additional 519 shares during the period. Finally, GAMMA Investing LLC lifted its position in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.