The Goldman Sachs Group Lowers Nextracker (NASDAQ:NXT) Price Target to $54.00

Nextracker (NASDAQ:NXT) had its price target reduced by stock analysts at The Goldman Sachs Group from $63.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 54.33% from the stock’s current price.

NXT has been the topic of a number of other research reports. Truist Financial lifted their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Susquehanna dropped their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, Piper Sandler lowered their price target on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.50.

Nextracker Trading Down 2.0 %

Shares of NXT stock opened at $34.99 on Tuesday. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 8.73 and a beta of 2.09. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The stock’s 50-day moving average price is $36.81 and its 200-day moving average price is $41.62.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Retirement Systems of Alabama increased its position in Nextracker by 14.9% during the 3rd quarter. Retirement Systems of Alabama now owns 174,244 shares of the company’s stock valued at $6,531,000 after purchasing an additional 22,570 shares during the period. Neo Ivy Capital Management bought a new position in shares of Nextracker during the third quarter valued at approximately $74,000. Geode Capital Management LLC increased its holdings in Nextracker by 23.3% during the third 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 stake in Nextracker by 31.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock worth $652,000 after buying an additional 4,138 shares in the last quarter. Finally, Barclays PLC raised its stake in Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock worth $9,737,000 after buying an additional 187,598 shares in the last quarter. Institutional investors 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.