Nextracker (NASDAQ:NXT) Given Buy Rating at Guggenheim

Nextracker (NASDAQ:NXT - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Guggenheim in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $55.00 price objective on the stock. Guggenheim's price target indicates a potential upside of 41.57% from the stock's current price.

NXT has been the subject of a number of other reports. Northland Capmk raised shares of Nextracker to a "strong-buy" rating in a report on Tuesday. Truist Financial raised their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a research note on Wednesday, October 16th. Barclays dropped their target price on Nextracker from $61.00 to $47.00 and set an "equal weight" rating for the company in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.30.

Nextracker Stock Performance

NXT stock traded up $1.45 during trading on Friday, reaching $38.85. 1,820,817 shares of the stock were exchanged, compared to its average volume of 3,558,832. The stock has a 50 day simple moving average of $36.53 and a 200-day simple moving average of $43.07. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $5.65 billion, a P/E ratio of 9.69 and a beta of 2.32. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the company. Edgestream Partners L.P. bought a new position in Nextracker in the first quarter valued at approximately $235,000. Covestor Ltd increased its holdings in Nextracker by 29,300.0% in the first quarter. Covestor Ltd now owns 882 shares of the company's stock valued at $49,000 after purchasing an additional 879 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new position in Nextracker in the first quarter valued at about $1,199,000. American International Group Inc. lifted its stake in Nextracker by 151.5% in the first quarter. American International Group Inc. now owns 62,059 shares of the company's stock valued at $3,492,000 after buying an additional 37,380 shares during the period. Finally, Shell Asset Management Co. boosted its holdings in Nextracker by 374.7% during the first quarter. Shell Asset Management Co. now owns 7,676 shares of the company's stock worth $432,000 after buying an additional 6,059 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

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.