Nextracker (NASDAQ:NXT) Shares Up 7.6% After Analyst Upgrade

Nextracker Inc. (NASDAQ:NXTGet Free Report)’s share price rose 7.6% on Monday after Truist Financial raised their price target on the stock from $50.00 to $54.00. Truist Financial currently has a buy rating on the stock. Nextracker traded as high as $43.10 and last traded at $42.64. Approximately 546,010 shares traded hands during trading, a decline of 85% from the average daily volume of 3,737,249 shares. The stock had previously closed at $39.61.

Several other equities research analysts have also recently weighed in on NXT. 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 report on Thursday, October 3rd. Bank of America raised their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Roth Mkm cut their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Wells Fargo & Company decreased their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Finally, BMO Capital Markets cut their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.65.

Check Out Our Latest Analysis on NXT

Hedge Funds Weigh In On Nextracker

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares during the last quarter. Fifth Third Bancorp grew its holdings in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after acquiring an additional 641 shares during the period. TFC Financial Management Inc. bought a new stake in shares of Nextracker during the 2nd quarter valued at $32,000. Rothschild Investment LLC acquired a new position in shares of Nextracker in the 2nd quarter valued at $35,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of Nextracker in the 1st quarter worth $44,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Up 5.9 %

The business has a fifty day moving average of $36.09 and a 200 day moving average of $43.57. The company has a quick ratio of 1.91, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market cap of $6.10 billion, a P/E ratio of 10.46 and a beta of 2.32.

About Nextracker

(Get Free Report)

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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