TD Cowen Begins Coverage on Nextracker (NASDAQ:NXT)

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

Several other equities research analysts also recently commented on NXT. Bank of America dropped their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets decreased their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Susquehanna cut their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Robert W. Baird decreased their price objective on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, Wells Fargo & Company cut their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average price target of $52.90.

Nextracker Stock Up 0.7 %

Shares of NASDAQ:NXT traded up $0.23 during mid-day trading on Thursday, hitting $34.07. 449,207 shares of the company traded hands, compared to its average volume of 3,557,797. The firm has a market cap of $4.96 billion, a P/E ratio of 8.50 and a beta of 2.09. 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 52-week low of $30.93 and a 52-week high of $62.31. The firm’s 50 day simple moving average is $36.81 and its 200 day simple moving average is $41.57.

Institutional Investors Weigh In On Nextracker

A number of institutional investors and hedge funds have recently modified their holdings of the business. Holocene Advisors LP acquired a new position in shares of Nextracker in the third quarter valued at approximately $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker during the second quarter worth $43,078,000. Erste Asset Management GmbH acquired a new position in Nextracker during the third quarter worth $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Nextracker by 1,800.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after purchasing an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Nextracker by 2,854.7% during the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after purchasing an additional 713,463 shares during the last quarter. 67.41% of the stock is owned by 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.