Nextracker (NASDAQ:NXT) Earns Buy Rating from Guggenheim

Guggenheim reaffirmed their buy rating on shares of Nextracker (NASDAQ:NXT) in a research note published on Friday,Benzinga reports. Guggenheim currently has a $55.00 price objective on the stock.

A number of other research firms have also weighed in on NXT. Northland Securities reiterated an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a research note on Tuesday. Roth Mkm reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird decreased their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Piper Sandler dropped their target price on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, 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. 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Trading Up 3.9 %

NXT opened at $38.85 on Friday. Nextracker has a one year low of $30.93 and a one year high of $62.31. 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 stock has a market cap of $5.65 billion, a price-to-earnings ratio of 9.69 and a beta of 2.32. The stock’s 50 day moving average price is $36.53 and its 200-day moving average price is $43.09.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. TFC Financial Management Inc. purchased a new stake in Nextracker during the 2nd quarter worth approximately $32,000. Fifth Third Bancorp increased its stake in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares in the last quarter. Rothschild Investment LLC purchased a new position in shares of Nextracker in the second quarter worth $35,000. Finally, Quarry LP lifted its stake in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. Institutional investors and hedge funds 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.