Nextracker (NASDAQ:NXT) Price Target Cut to $52.00 by Analysts at Bank of America

Nextracker (NASDAQ:NXT - Get Free Report) had its price target cut by investment analysts at Bank of America from $65.00 to $52.00 in a report released on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price target would suggest a potential upside of 28.87% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Guggenheim lowered their price target on Nextracker from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, August 16th. Roth Mkm reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Barclays reduced their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Truist Financial lifted their price target on Nextracker from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Finally, BMO Capital Markets cut their price objective on Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a research note on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $54.95.

Nextracker Trading Down 3.1 %

Shares of NXT stock traded down $1.28 on Thursday, reaching $40.35. The company had a trading volume of 1,851,595 shares, compared to its average volume of 3,770,711. The company has a 50-day moving average of $36.18 and a 200-day moving average of $43.56. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a market cap of $5.86 billion, a PE ratio of 10.38 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Nextracker

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company's stock valued at $705,149,000 after acquiring an additional 7,821,368 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company's stock valued at $88,739,000 after acquiring an additional 315,199 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Nextracker by 35.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company's stock worth $82,844,000 after acquiring an additional 460,739 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Nextracker by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company's stock valued at $62,802,000 after purchasing an additional 84,069 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Nextracker by 146.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company's stock worth $53,550,000 after purchasing an additional 678,261 shares in the last quarter. Hedge funds and other 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.