Nextracker (NASDAQ:NXT) Research Coverage Started at TD Cowen

TD Cowen initiated coverage on shares of Nextracker (NASDAQ:NXT) in a research note released on Thursday morning, MarketBeat reports. The brokerage issued a hold rating and a $41.00 target price on the stock.

NXT has been the topic of several other reports. Piper Sandler decreased their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. 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 for the company. Barclays lowered their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. decreased their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Five research 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 presently has an average rating of “Moderate Buy” and an average target price of $52.90.

Nextracker Price Performance

Nextracker stock opened at $35.15 on Thursday. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 8.77 and a beta of 2.09. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The business has a 50-day simple moving average of $36.80 and a 200 day simple moving average of $41.35. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31.

Institutional Trading of Nextracker

Several institutional investors have recently bought and sold shares of NXT. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Nextracker during the second quarter valued at approximately $207,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Nextracker by 38.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,664 shares of the company’s stock worth $734,000 after purchasing an additional 4,350 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Nextracker in the second quarter worth $1,631,000. Finally, Avitas Wealth Management LLC purchased a new stake in shares of Nextracker during the second quarter valued at $214,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.