Guggenheim Downgrades Nextracker (NASDAQ:NXT) to Neutral

Nextracker (NASDAQ:NXT - Get Free Report) was downgraded by stock analysts at Guggenheim from a "buy" rating to a "neutral" rating in a report issued on Wednesday,Finviz reports.

NXT has been the subject of a number of other reports. Barclays cut their price target on Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. BMO Capital Markets raised their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, January 29th. Susquehanna upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research report on Wednesday, January 29th. Finally, Robert W. Baird lowered their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $55.70.

Nextracker Price Performance

NXT stock opened at $54.09 on Wednesday. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a market capitalization of $7.88 billion, a P/E ratio of 13.76 and a beta of 2.03. The business has a 50 day simple moving average of $42.48 and a 200-day simple moving average of $41.53. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently made changes to their positions in NXT. Barclays PLC lifted its position in shares of Nextracker by 259.8% during the third quarter. Barclays PLC now owns 259,800 shares of the company's stock worth $9,737,000 after purchasing an additional 187,598 shares during the last quarter. Trium Capital LLP boosted its position in shares of Nextracker by 18.8% in the fourth quarter. Trium Capital LLP now owns 7,666 shares of the company's stock valued at $280,000 after acquiring an additional 1,213 shares during the period. Clear Harbor Asset Management LLC lifted its position in shares of Nextracker by 0.7% during the 4th quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company's stock worth $5,598,000 after buying an additional 1,086 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Nextracker during the fourth quarter worth $10,228,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after buying an additional 516 shares during the period. 67.41% of the stock is currently owned by hedge funds and other 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.

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