Nextracker (NASDAQ:NXT) Earns “Outperform” Rating from Northland Securities

Northland Securities reissued their outperform rating on shares of Nextracker (NASDAQ:NXT) in a report released on Tuesday, MarketBeat Ratings reports. Northland Securities currently has a $48.00 price target on the stock.

NXT has been the subject of several other research reports. Roth Mkm reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Barclays reduced their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company reduced their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Susquehanna reduced their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Finally, Guggenheim reduced their price objective 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. Four analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Trading Up 3.9 %

Shares of NXT opened at $38.85 on Tuesday. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a 50-day moving average of $36.53 and a 200 day moving average of $43.09. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 9.69 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Institutional Trading of Nextracker

Several large investors have recently made changes to their positions in the business. 1832 Asset Management L.P. boosted its holdings in shares of Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after acquiring an additional 275 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares during the last quarter. Hilltop National Bank lifted its stake in shares of Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System lifted its stake in shares of 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 purchasing an additional 372 shares during the period. Finally, 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 valued at $42,000 after purchasing an additional 426 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.