Nextracker (NASDAQ:NXT) Trading Up 8.4% – Still a Buy?

Nextracker Inc. (NASDAQ:NXT) shot up 8.4% during mid-day trading on Thursday . The stock traded as high as $40.22 and last traded at $39.60. 955,722 shares traded hands during trading, a decline of 73% from the average session volume of 3,534,740 shares. The stock had previously closed at $36.53.

Wall Street Analysts Forecast Growth

NXT has been the topic of several recent analyst reports. Barclays reduced their target price 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. TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. Robert W. Baird cut their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. The Goldman Sachs Group decreased their price target on Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Finally, Truist Financial upped their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. 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 company’s stock. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $52.90.

Nextracker Trading Up 0.3 %

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 firm has a market cap of $5.77 billion, a PE ratio of 9.88 and a beta of 2.04. The company has a 50-day simple moving average of $37.66 and a 200 day simple moving average of $40.03.

Institutional Investors Weigh In On Nextracker

Several large investors have recently bought and sold shares of NXT. Rothschild Investment LLC acquired a new position in shares of Nextracker during the 2nd quarter worth approximately $35,000. Rhumbline Advisers grew its holdings in Nextracker by 99.7% in the 2nd quarter. Rhumbline Advisers now owns 418,570 shares of the company’s stock valued at $19,623,000 after buying an additional 208,953 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new stake in shares of Nextracker in the 2nd quarter worth $1,195,000. Victory Capital Management Inc. raised its holdings in shares of Nextracker by 5.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock worth $96,218,000 after acquiring an additional 110,707 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the last quarter. 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.