Nextracker (NASDAQ:NXT) Price Target Cut to $47.00 by Analysts at Piper Sandler

Nextracker (NASDAQ:NXT) had its target price reduced by equities research analysts at Piper Sandler from $60.00 to $47.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 20.98% from the company’s current price.

A number of other equities analysts also recently commented on NXT. Barclays decreased their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. Bank of America reduced 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. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, Guggenheim reduced their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Trading Up 3.9 %

Nextracker stock opened at $38.85 on Friday. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The firm’s 50-day moving average is $36.53 and its 200-day moving average is $43.07. 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 company has a market cap of $5.65 billion, a P/E ratio of 9.69 and a beta of 2.32.

Institutional Investors Weigh In On Nextracker

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings 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 buying an additional 279 shares during the period. Fifth Third Bancorp boosted its stake in 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 during the period. TFC Financial Management Inc. purchased a new position in Nextracker during the 2nd quarter worth approximately $32,000. Rothschild Investment LLC acquired a new stake in Nextracker during the 2nd quarter valued at $35,000. Finally, Covestor Ltd increased its holdings in shares of Nextracker by 29,300.0% in the 1st quarter. Covestor Ltd now owns 882 shares of the company’s stock valued at $49,000 after purchasing an additional 879 shares during the period. 67.41% of the stock is owned by institutional investors.

About Nextracker

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.