Nextracker (NASDAQ:NXT) Price Target Raised to $54.00

Nextracker (NASDAQ:NXT) had its price target hoisted by Truist Financial from $50.00 to $54.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently commented on NXT. Bank of America lifted their price objective on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Guggenheim lowered their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Finally, Barclays lowered their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.65.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $41.96 on Friday. The company has a market cap of $6.10 billion, a P/E ratio of 10.46 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. The business has a fifty day simple moving average of $36.09 and a 200-day simple moving average of $43.57.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Virtu Financial LLC grew its holdings in shares of Nextracker by 228.3% during the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after purchasing an additional 26,700 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Nextracker during the second quarter worth $1,270,000. Sei Investments Co. raised its holdings in shares of Nextracker by 509.6% during the first quarter. Sei Investments Co. now owns 244,474 shares of the company’s stock worth $13,757,000 after acquiring an additional 204,369 shares in the last quarter. Swedbank AB acquired a new position in Nextracker during the second quarter worth $4,622,000. Finally, Secure Asset Management LLC acquired a new position in Nextracker during the third quarter worth $1,370,000. 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.