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

Shares of Nextracker Inc. (NASDAQ:NXT) have received a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $52.90.

Several research analysts have recently issued reports on the company. Barclays lowered their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Truist Financial upped their price target on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Wells Fargo & Company cut their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Jefferies Financial Group began coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Finally, BMO Capital Markets dropped their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th.

Nextracker Price Performance

Nextracker stock opened at $35.15 on Friday. The stock has a market cap of $5.12 billion, a P/E ratio of 8.77 and a beta of 2.09. The company has a fifty day simple moving average of $36.80 and a 200-day simple moving average of $41.35. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NXT. Arizona State Retirement System grew its position in Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares during the last quarter. Quarry LP lifted its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the period. Wedbush Securities Inc. boosted its holdings in shares of Nextracker by 8.2% in the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after acquiring an additional 461 shares in the last quarter. Graybill Wealth Management LTD. increased its stake in shares of Nextracker by 1.7% during the second quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company’s stock worth $1,391,000 after acquiring an additional 483 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after purchasing an additional 519 shares in 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.