Nextracker (NASDAQ:NXT) Receives “Buy” Rating from Guggenheim

Guggenheim restated their buy rating on shares of Nextracker (NASDAQ:NXT) in a research report sent to investors on Friday,Benzinga reports. Guggenheim currently has a $55.00 target price on the stock.

A number of other equities research analysts have also recently commented on NXT. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. JPMorgan Chase & Co. reduced 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. Truist Financial lifted their price target 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. Jefferies Financial Group assumed coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. Finally, Susquehanna reduced their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Trading Up 4.0 %

Shares of Nextracker stock opened at $40.40 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm has a fifty day moving average price of $36.60 and a 200 day moving average price of $43.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market cap of $5.88 billion, a PE ratio of 10.07 and a beta of 2.32.

Hedge Funds Weigh In On Nextracker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new position in shares of Nextracker in the 3rd quarter valued at $74,000. Geode Capital Management LLC raised its holdings in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares during the period. Duff & Phelps Investment Management Co. raised its holdings in shares of Nextracker by 31.2% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock valued at $652,000 after buying an additional 4,138 shares during the period. Barclays PLC raised its holdings in shares of Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after buying an additional 187,598 shares during the period. Finally, Nomura Asset Management Co. Ltd. purchased a new stake in Nextracker during the 3rd quarter worth about $112,000. 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.