Nextracker (NASDAQ:NXT) Stock Price Up 7% – Time to Buy?

Nextracker Inc. (NASDAQ:NXT) shares rose 7% on Thursday . The company traded as high as $39.99 and last traded at $39.92. Approximately 1,754,418 shares changed hands during trading, a decline of 53% from the average daily volume of 3,745,044 shares. The stock had previously closed at $37.30.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of recent research reports. Truist Financial boosted their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Roth Mkm dropped their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Robert W. Baird dropped their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. JPMorgan Chase & Co. dropped their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Guggenheim dropped their price target on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.95.

Nextracker Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock’s 50-day moving average price is $36.30 and its 200 day moving average price is $43.33. The firm has a market cap of $5.36 billion, a P/E ratio of 9.18 and a beta of 2.32.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Virtu Financial LLC raised its position in shares of Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after purchasing an additional 26,700 shares during the period. Diversify Advisory Services LLC bought a new position in shares of Nextracker in the second quarter valued at about $1,270,000. Sei Investments Co. grew its stake in shares of Nextracker by 509.6% in the first quarter. Sei Investments Co. now owns 244,474 shares of the company’s stock valued at $13,757,000 after acquiring an additional 204,369 shares in the last quarter. Swedbank AB acquired a new position in shares of Nextracker in the second quarter valued at about $4,622,000. Finally, Secure Asset Management LLC acquired a new position in shares of Nextracker in the third quarter valued at about $1,370,000. 67.41% of the stock is owned by 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.