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

Nextracker (NASDAQ:NXT) had its price objective reduced by research analysts at Bank of America from $65.00 to $52.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 24.91% from the stock’s previous close.

NXT has been the subject of a number of other reports. Truist Financial lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Barclays dropped 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 report on Thursday, October 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Susquehanna dropped their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Finally, Roth Mkm dropped their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.95.

Nextracker Price Performance

NASDAQ NXT opened at $41.63 on Thursday. 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 stock has a market capitalization of $6.05 billion, a PE ratio of 10.38 and a beta of 2.32. The company has a 50 day moving average price of $36.18 and a two-hundred day moving average price of $43.56. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Hedge Funds Weigh In On Nextracker

A number of institutional investors and hedge funds have recently bought and sold shares of NXT. Mirae Asset Global Investments Co. Ltd. increased its holdings in Nextracker by 76.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,146 shares of the company’s stock valued at $2,765,000 after buying an additional 21,314 shares during the period. Janney Montgomery Scott LLC bought a new stake in Nextracker in the 1st quarter valued at $1,228,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Nextracker in the 1st quarter valued at $93,000. LSV Asset Management bought a new stake in Nextracker in the 1st quarter valued at $26,041,000. Finally, SG Americas Securities LLC increased its holdings in Nextracker by 289.5% in the 1st quarter. SG Americas Securities LLC now owns 72,078 shares of the company’s stock valued at $4,056,000 after buying an additional 53,571 shares during the period. 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.