Nextracker (NASDAQ:NXT) Receives “Buy” Rating from Guggenheim

Guggenheim reiterated their buy rating on shares of Nextracker (NASDAQ:NXT) in a report issued on Friday morning,Benzinga reports. Guggenheim currently has a $55.00 price objective on the stock.

Several other research analysts also recently commented on NXT. Bank of America decreased their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Roth Mkm decreased their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. BMO Capital Markets reduced their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. JPMorgan Chase & Co. reduced their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Susquehanna reduced their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Four 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’s stock. According to MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Trading Up 4.0 %

NASDAQ NXT opened at $40.40 on Friday. The stock’s 50-day simple moving average is $36.60 and its two-hundred day simple moving average is $43.04. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. 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 company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 10.07 and a beta of 2.32.

Institutional Investors Weigh In On Nextracker

Several institutional investors have recently bought and sold shares of the company. 1832 Asset Management L.P. lifted its stake in shares of Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares during the period. GAMMA Investing LLC lifted its stake in shares of Nextracker by 73.2% during 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. Hilltop National Bank lifted its stake in shares of Nextracker by 40.6% during the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after buying an additional 343 shares during the period. Arizona State Retirement System lifted its stake 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 buying an additional 372 shares during the period. Finally, Quarry LP lifted its stake in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.