Nextracker (NASDAQ:NXT) Given New $52.00 Price Target at Bank of America

Nextracker (NASDAQ:NXT) had its target price cut by equities research analysts at Bank of America from $65.00 to $52.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 24.91% from the company’s current price.

NXT has been the topic of several other research reports. BMO Capital Markets lowered their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group assumed coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Guggenheim lowered their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Roth Mkm lowered their target price 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. Finally, Susquehanna lowered their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.95.

Nextracker Trading Down 5.6 %

Shares of NASDAQ:NXT opened at $41.63 on Thursday. The company has a market cap of $6.05 billion, a PE ratio of 10.38 and a beta of 2.32. The company’s 50-day moving average price is $36.18 and its 200 day moving average price is $43.56. Nextracker has a fifty-two week low of $30.93 and a fifty-two week 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.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 279 shares during the period. TFC Financial Management Inc. acquired a new stake in shares of Nextracker during the second quarter worth approximately $32,000. Fifth Third Bancorp boosted its holdings in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the period. Rothschild Investment LLC acquired a new stake in shares of Nextracker during the second quarter worth approximately $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Nextracker during the first quarter worth approximately $44,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.