Nextracker Inc. (NASDAQ:NXT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT) have received a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $54.30.

NXT has been the subject of a number of analyst reports. BMO Capital Markets cut their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Truist Financial lifted their target price on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Barclays lowered their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Piper Sandler reduced their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, Wells Fargo & Company lowered their target price on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th.

Institutional Trading of Nextracker

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its position in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC grew its holdings in 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 purchasing an additional 679,272 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after purchasing an additional 315,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 0.7 %

NXT opened at $35.47 on Friday. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market cap of $5.16 billion, a PE ratio of 8.85 and a beta of 2.09. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $36.82 and a 200 day moving average of $42.06.

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.