The Goldman Sachs Group Lowers Nextracker (NASDAQ:NXT) Price Target to $54.00

Nextracker (NASDAQ:NXT - Get Free Report) had its price target dropped by investment analysts at The Goldman Sachs Group from $63.00 to $54.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target points to a potential upside of 51.18% from the stock's previous close.

NXT has been the topic of several other research reports. Wells Fargo & Company lowered their price target on shares of Nextracker from $64.00 to $58.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 29th. Guggenheim restated a "buy" rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, November 22nd. Northland Capmk upgraded Nextracker to a "strong-buy" rating in a report on Tuesday, November 19th. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of 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 assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $53.50.

Nextracker Stock Performance

NASDAQ NXT traded up $0.18 on Tuesday, reaching $35.72. 1,764,465 shares of the company's stock traded hands, compared to its average volume of 3,583,414. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a 50 day moving average price of $36.81 and a 200-day moving average price of $41.81. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of 8.86 and a beta of 2.09.

Institutional Trading of Nextracker

Institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp lifted its position in Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company's stock valued at $32,000 after buying an additional 641 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Nextracker in the 2nd quarter worth $35,000. Quarry LP lifted its stake in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after acquiring an additional 426 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock valued at $45,000 after buying an additional 549 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Nextracker in the 3rd quarter valued at $74,000. 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.