Nextracker (NASDAQ:NXT) Stock Rating Lowered by Guggenheim

Guggenheim cut shares of Nextracker (NASDAQ:NXT) from a buy rating to a neutral rating in a report issued on Wednesday, MarketBeat.com reports.

Several other equities analysts have also issued reports on NXT. Robert W. Baird lowered their price target on Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Barclays lowered their price target on Nextracker from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Northland Securities reaffirmed an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Finally, BMO Capital Markets upped their price target on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.70.

Nextracker Stock Up 1.8%

Shares of NASDAQ:NXT opened at $55.04 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a market capitalization of $8.01 billion, a P/E ratio of 14.01 and a beta of 2.03. The stock has a 50 day moving average price of $42.75 and a 200-day moving average price of $41.63.

Institutional Investors Weigh In On Nextracker

A number of hedge funds have recently made changes to their positions in NXT. Shell Asset Management Co. lifted its position in shares of Nextracker by 0.4% during the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company’s stock valued at $2,094,000 after buying an additional 228 shares during the last quarter. Signaturefd LLC boosted its position in shares of Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company’s stock worth $109,000 after purchasing an additional 239 shares in the last quarter. Trust Investment Advisors increased its position in Nextracker by 2.8% during the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company’s stock valued at $405,000 after buying an additional 258 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after acquiring an additional 260 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other 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.