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

Shares of Nextracker Inc. (NASDAQ:NXT) have earned a consensus rating of “Moderate Buy” from the twenty research firms that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $55.15.

Several equities analysts recently commented on NXT shares. Northland Securities reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research note on Tuesday. Truist Financial boosted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Barclays reduced their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Susquehanna reduced their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company reduced their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th.

Nextracker Stock Performance

Shares of NXT stock opened at $36.40 on Wednesday. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 9.08 and a beta of 2.32. 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 simple moving average is $36.44 and its two-hundred day simple moving average is $43.22.

Institutional Trading of Nextracker

A number of institutional investors have recently made changes to their positions in NXT. Neo Ivy Capital Management acquired a new position in Nextracker during the third quarter worth $74,000. Geode Capital Management LLC boosted its stake in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its stake in Nextracker by 31.2% during the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock worth $652,000 after buying an additional 4,138 shares during the last quarter. Barclays PLC boosted its stake in Nextracker by 259.8% during the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock worth $9,737,000 after buying an additional 187,598 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. acquired a new position in Nextracker during the third quarter worth $112,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.