Nextracker (NASDAQ:NXT) Coverage Initiated by Analysts at TD Cowen

TD Cowen started coverage on shares of Nextracker (NASDAQ:NXT) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $41.00 price target on the stock. TD Cowen’s target price would indicate a potential upside of 17.18% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Truist Financial lifted their price target on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Northland Securities reiterated an “outperform” rating and set a $48.00 target price on shares of Nextracker in a report on Tuesday, November 19th. Finally, Bank of America reduced their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Nextracker Stock Down 2.0 %

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

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Fifth Third Bancorp increased its holdings in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares in the last quarter. Rothschild Investment LLC bought a new stake in Nextracker during the 2nd quarter worth approximately $35,000. Quarry LP increased its stake in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares in the last quarter. GAMMA Investing LLC raised its holdings in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after acquiring an additional 549 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in Nextracker during the third quarter valued at about $74,000. Hedge funds and other institutional investors 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.