Nextracker Inc. (NASDAQ:NXT) Receives $53.10 Average PT from Analysts

Nextracker Inc. (NASDAQ:NXT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-two analysts that are presently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $53.10.

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lowered their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Susquehanna dropped their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Piper Sandler reduced their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Northland Capmk raised Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

Nextracker Price Performance

NXT opened at $40.85 on Thursday. 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 market cap of $5.95 billion, a price-to-earnings ratio of 10.19 and a beta of 2.04. The stock has a fifty day simple moving average of $38.33 and a two-hundred day simple moving average of $39.37. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Institutional Trading of Nextracker

Hedge funds have recently bought and sold shares of the stock. Quarry LP raised its stake in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. GAMMA Investing LLC raised its stake 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 acquiring an additional 549 shares during the period. Neo Ivy Capital Management purchased a new position in Nextracker during the third quarter valued at approximately $74,000. Arcadia Investment Management Corp MI bought a new position in shares of Nextracker in the third quarter worth approximately $75,000. Finally, Hilltop National Bank increased its stake in shares of Nextracker by 75.1% in the fourth quarter. Hilltop National Bank now owns 2,078 shares of the company’s stock worth $76,000 after purchasing an additional 891 shares in 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.