Nextracker (NASDAQ:NXT) Given New $69.00 Price Target at Wells Fargo & Company

Nextracker (NASDAQ:NXT) had its target price trimmed by Wells Fargo & Company from $70.00 to $69.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also weighed in on NXT. Citigroup dropped their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday. TD Cowen started coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective 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. Susquehanna decreased their price target 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. Finally, Barclays decreased 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 note on Thursday, October 3rd. Five equities 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. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Price Performance

Shares of NXT opened at $42.53 on Wednesday. The firm has a market capitalization of $6.19 billion, a PE ratio of 10.61 and a beta of 2.04. The company’s 50-day moving average is $38.26 and its 200-day moving average is $39.60. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Quarry LP raised its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. GAMMA Investing LLC raised its holdings in Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the last quarter. Neo Ivy Capital Management bought a new position in Nextracker during the 3rd quarter worth approximately $74,000. Arcadia Investment Management Corp MI bought a new position in Nextracker during the 3rd quarter worth approximately $75,000. Finally, Signaturefd LLC raised its holdings in Nextracker by 37.8% during the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after purchasing an additional 560 shares during the last quarter. 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.