TD Cowen Begins Coverage on Nextracker (NASDAQ:NXT)

Research analysts at TD Cowen began coverage on shares of Nextracker (NASDAQ:NXT) in a report issued on Thursday, MarketBeat reports. The firm set a “hold” rating and a $41.00 price target on the stock. TD Cowen’s price target points to a potential upside of 16.64% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on NXT. Bank of America dropped their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Piper Sandler cut their target price on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Wells Fargo & Company lowered their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. The Goldman Sachs Group cut their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, BMO Capital Markets lowered their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Five 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. According to MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Nextracker Stock Performance

NXT stock opened at $35.15 on Thursday. The company has a 50 day moving average price of $36.80 and a 200 day moving average price of $41.44. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock has a market capitalization of $5.12 billion, a PE ratio of 8.77 and a beta of 2.09.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Arizona State Retirement System lifted its stake in Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the last quarter. Quarry LP grew its holdings in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the period. Wedbush Securities Inc. increased its position in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after buying an additional 461 shares during the last quarter. HighTower Advisors LLC raised its stake in Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after buying an additional 519 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after buying an additional 549 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

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.