Piper Sandler Cuts Nextracker (NASDAQ:NXT) Price Target to $47.00

Nextracker (NASDAQ:NXT) had its price objective cut by Piper Sandler from $60.00 to $47.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also commented on the company. Wells Fargo & Company dropped their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Susquehanna cut their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Guggenheim lowered their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Truist Financial raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Four equities 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Trading Up 3.9 %

NASDAQ NXT opened at $38.85 on Friday. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a 50 day moving average of $36.53 and a two-hundred day moving average of $43.06. 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 stock has a market capitalization of $5.65 billion, a PE ratio of 9.69 and a beta of 2.32.

Institutional Trading of Nextracker

Several hedge funds have recently made changes to their positions in NXT. Virtu Financial LLC raised its holdings in Nextracker by 228.3% during the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after purchasing an additional 26,700 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Nextracker in the 2nd quarter valued at approximately $1,270,000. Swedbank AB purchased a new stake in shares of Nextracker in the second quarter valued at approximately $4,622,000. Secure Asset Management LLC acquired a new position in Nextracker during the third quarter worth $1,370,000. Finally, Price T Rowe Associates Inc. MD raised its position in Nextracker by 534.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock worth $9,851,000 after acquiring an additional 147,446 shares in the last quarter. Institutional investors and hedge funds 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.