Nextracker (NASDAQ:NXT) Coverage Initiated by Analysts at TD Cowen

TD Cowen initiated coverage on shares of Nextracker (NASDAQ:NXT) in a research note issued to investors on Thursday morning, MarketBeat.com reports. The firm issued a hold rating and a $41.00 price objective on the stock.

A number of other analysts have also recently commented on NXT. Susquehanna reduced their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Northland Securities restated an “outperform” rating and set a $48.00 target price on shares of Nextracker in a research note on Tuesday, November 19th. Wells Fargo & Company dropped their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Truist Financial raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Piper Sandler dropped their target price on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Five 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.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $52.90.

Nextracker Trading Up 3.9 %

Nextracker stock opened at $35.15 on Thursday. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a market cap of $5.12 billion, a P/E ratio of 8.77 and a beta of 2.09. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The business has a 50-day simple moving average of $36.80 and a two-hundred day simple moving average of $41.35.

Institutional Trading of Nextracker

Hedge funds have recently bought and sold shares of the stock. Holocene Advisors LP purchased a new stake in shares of Nextracker during the 3rd quarter worth $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Nextracker during the second quarter valued at about $43,078,000. Erste Asset Management GmbH bought a new stake in shares of Nextracker in the 3rd quarter valued at about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Nextracker by 1,800.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after buying an additional 801,780 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after acquiring an additional 713,463 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.