Nextracker (NASDAQ:NXT) Price Target Cut to $52.00 by Analysts at Bank of America

Nextracker (NASDAQ:NXTFree Report) had its price target trimmed by Bank of America from $65.00 to $52.00 in a research note published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

NXT has been the topic of several other research reports. Truist Financial upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Guggenheim decreased their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Roth Mkm cut their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird dropped their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Finally, Jefferies Financial Group started coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.95.

Get Our Latest Stock Report on NXT

Nextracker Stock Down 2.9 %

Shares of NASDAQ NXT opened at $40.14 on Thursday. The firm has a 50-day moving average price of $36.19 and a 200 day moving average price of $43.52. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 10.01 and a beta of 2.32. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31.

Institutional Investors Weigh In On Nextracker

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Nextracker by 73.2% in 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. TFC Financial Management Inc. acquired a new stake in shares of Nextracker in the 2nd quarter valued at $32,000. Fifth Third Bancorp boosted its holdings in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares in the last quarter. Rothschild Investment LLC bought a new position in Nextracker during the second quarter valued at about $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Nextracker in the first quarter worth about $44,000. 67.41% of the stock is owned by institutional investors.

About Nextracker

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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.

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