Nextracker (NASDAQ:NXT) Shares Gap Down After Analyst Downgrade

Nextracker Inc. (NASDAQ:NXT)’s share price gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $70.00 to $69.00. The stock had previously closed at $43.92, but opened at $42.22. Wells Fargo & Company currently has an overweight rating on the stock. Nextracker shares last traded at $42.43, with a volume of 397,494 shares changing hands.

NXT has been the subject of several other reports. Guggenheim reissued a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. BMO Capital Markets lowered their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Citigroup decreased their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Bank of America cut their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Five 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.10.

Institutional Investors Weigh In On Nextracker

A number of hedge funds have recently bought and sold shares of NXT. Holocene Advisors LP bought a new stake in shares of Nextracker in the 3rd quarter worth about $45,416,000. Erste Asset Management GmbH acquired a new position in Nextracker in the third quarter worth about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after buying an additional 745,665 shares during the last quarter. State Street Corp raised its stake in Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Down 3.2 %

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The company has a market cap of $6.19 billion, a P/E ratio of 10.61 and a beta of 2.04. The business has a fifty day simple moving average of $38.26 and a 200 day simple moving average of $39.60.

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.