Nextracker (NASDAQ:NXT) Shares Gap Down After Analyst Downgrade

Nextracker Inc. (NASDAQ:NXT) shares gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $70.00 to $69.00. The stock had previously closed at $43.92, but opened at $42.22. Wells Fargo & Company currently has an overweight rating on the stock. Nextracker shares last traded at $42.43, with a volume of 397,494 shares changing hands.

A number of other research firms also recently weighed in on NXT. Northland Securities restated an “outperform” rating and issued a $48.00 price target on shares of Nextracker in a research note on Tuesday, November 19th. Barclays decreased their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Bank of America cut their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Piper Sandler reduced their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, Guggenheim restated a “buy” rating and set a $55.00 target price on shares of Nextracker in a research report on Friday, November 22nd. Five 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.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $53.10.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. State Street Corp boosted its stake in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares during the last quarter. Geode Capital Management LLC boosted its position in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Wellington Management Group LLP grew its stake in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares during the period. Victory Capital Management Inc. raised its holdings in Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after acquiring an additional 315,199 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Down 3.2 %

The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 10.61 and a beta of 2.04. 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 firm has a fifty day moving average price of $38.26 and a 200-day moving average price of $39.60.

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.