Piper Sandler Has Lowered Expectations for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its price objective trimmed by Piper Sandler from $60.00 to $47.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Bank of America lowered their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Truist Financial upped their target price on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Jefferies Financial Group began coverage on Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price for the company. Finally, Wells Fargo & Company decreased their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Stock Performance

Shares of NXT stock opened at $40.40 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a 50 day moving average price of $36.60 and a two-hundred day moving average price of $43.04. The company has a market capitalization of $5.88 billion, a P/E ratio of 10.07 and a beta of 2.32.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently modified their holdings of the stock. State Street Corp grew its stake in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Nextracker by 23.3% in 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 shares of Nextracker by 25.5% in the third 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 last quarter. Victory Capital Management Inc. grew its stake in shares of Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after acquiring an additional 315,199 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Nextracker by 35.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after buying an additional 460,739 shares during the last quarter. 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.