Nextracker Inc. (NASDAQ:NXT) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Nextracker Inc. (NASDAQ:NXT) have earned a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are currently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $53.10.

Several equities research analysts recently weighed in on the company. Piper Sandler cut their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. TD Cowen started coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Citigroup dropped their price target on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Barclays decreased their target price 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. Finally, JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.

Nextracker Stock Up 0.9 %

Shares of NXT stock opened at $42.73 on Thursday. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 10.66 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The firm’s 50-day moving average is $38.29 and its 200-day moving average is $39.34.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently added to or reduced their stakes in NXT. Quarry LP lifted its position 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 buying an additional 426 shares during the last quarter. GAMMA Investing LLC grew its position in Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after buying an additional 549 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Nextracker during the third quarter worth $74,000. Arcadia Investment Management Corp MI acquired a new position in shares of Nextracker in the third quarter worth about $75,000. Finally, Hilltop National Bank grew its position in Nextracker by 75.1% during the 4th 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. 67.41% of the stock is owned by institutional investors and hedge funds.

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.