Wells Fargo & Company Has Lowered Expectations for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its target price decreased by investment analysts at Wells Fargo & Company from $70.00 to $69.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 64.99% from the stock’s previous close.

NXT has been the topic of a number of other research reports. Citigroup reduced their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Truist Financial upped their price target 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. The Goldman Sachs Group lowered their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Finally, Northland Securities reissued an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research report on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Price Performance

Shares of Nextracker stock traded down $2.10 on Wednesday, reaching $41.82. 765,098 shares of the stock were exchanged, compared to its average volume of 2,494,454. The firm has a market cap of $6.09 billion, a PE ratio of 10.43 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The firm’s 50 day moving average is $38.05 and its 200-day moving average is $39.58. Nextracker has a one year low of $30.93 and a one year high of $62.31.

Institutional Trading of Nextracker

A number of large investors have recently modified their holdings of NXT. Secure Asset Management LLC bought a new stake in shares of Nextracker in the 3rd quarter worth approximately $1,370,000. Geode Capital Management LLC increased its stake in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Nextracker by 33.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after acquiring an additional 307,956 shares during the period. Van ECK Associates Corp raised its stake in shares of Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after acquiring an additional 14,249 shares during the last quarter. Finally, Proactive Wealth Strategies LLC purchased a new stake in Nextracker in the 3rd quarter worth approximately $1,324,000. 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.