Guggenheim Reiterates “Buy” Rating for Nextracker (NASDAQ:NXT)

Nextracker (NASDAQ:NXT)‘s stock had its “buy” rating reissued by investment analysts at Guggenheim in a research report issued on Friday,Benzinga reports. They currently have a $55.00 target price on the stock. Guggenheim’s price target would suggest a potential upside of 41.57% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Northland Securities reaffirmed an “outperform” rating and set a $48.00 price target on shares of Nextracker in a research report on Tuesday, November 19th. Robert W. Baird reduced their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. JPMorgan Chase & Co. reduced their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Susquehanna reduced their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Finally, Barclays lowered their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Stock Up 3.9 %

Shares of Nextracker stock opened at $38.85 on Friday. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The firm’s 50 day moving average price is $36.53 and its 200-day moving average price is $43.07. 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 company has a market cap of $5.65 billion, a P/E ratio of 9.69 and a beta of 2.32.

Institutional Trading of Nextracker

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in shares of Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares during the last quarter. Fifth Third Bancorp boosted its stake in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. TFC Financial Management Inc. purchased a new stake in shares of Nextracker during the second quarter worth $32,000. Rothschild Investment LLC acquired a new stake in shares of Nextracker in the second quarter valued at about $35,000. Finally, Covestor Ltd raised its position in shares of Nextracker by 29,300.0% in the first quarter. Covestor Ltd now owns 882 shares of the company’s stock valued at $49,000 after buying an additional 879 shares during the last quarter. Institutional investors and hedge funds 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.