Nextracker Inc. (NASDAQ:NXT) Receives $54.30 Average PT from Analysts

Nextracker Inc. (NASDAQ:NXT) has earned a consensus recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the stock, MarketBeat Ratings reports. Four 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 1-year price objective among analysts that have issued ratings on the stock in the last year is $53.50.

A number of research analysts recently commented on the company. Truist Financial boosted their price target on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. lowered their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Guggenheim reiterated a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. Finally, Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock.

Institutional Trading of Nextracker

Several large investors have recently added to or reduced their stakes in NXT. State Street Corp boosted its holdings in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC lifted its stake in Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares during the last quarter. Wellington Management Group LLP raised its stake in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Trading Up 0.5 %

Shares of Nextracker stock opened at $35.72 on Friday. The stock has a market cap of $5.20 billion, a P/E ratio of 8.91 and a beta of 2.09. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $36.82 and its 200-day moving average is $41.67. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

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.