Wells Fargo & Company Cuts Nextracker (NASDAQ:NXT) Price Target to $69.00

Nextracker (NASDAQ:NXT) had its price objective reduced by Wells Fargo & Company from $70.00 to $69.00 in a research note published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

NXT has been the topic of several other research reports. Northland Securities reissued an “outperform” rating and issued a $48.00 price target on shares of Nextracker in a research note on Tuesday, November 19th. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. 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 research note on Thursday, October 3rd. Finally, TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Five 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. According to data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Nextracker Stock Performance

Shares of NXT opened at $41.10 on Wednesday. The firm has a market cap of $5.98 billion, a P/E ratio of 10.25 and a beta of 2.04. Nextracker has a twelve month low of $30.93 and a twelve month 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 firm’s 50 day moving average price is $38.35 and its two-hundred day moving average price is $39.55.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently bought and sold shares of NXT. Arizona State Retirement System increased its holdings in shares of Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in Nextracker during the 2nd quarter worth $285,000. Wedbush Securities Inc. raised its holdings in Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after acquiring an additional 461 shares in the last quarter. Texas Permanent School Fund Corp bought a new stake in shares of Nextracker during the 2nd quarter valued at $628,000. Finally, Headlands Technologies LLC grew its holdings in shares of Nextracker by 1,005.4% during the 2nd quarter. Headlands Technologies LLC now owns 45,364 shares of the company’s stock worth $2,127,000 after purchasing an additional 41,260 shares in the last quarter. 67.41% of the stock is owned by 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.