Nextracker Inc. (NASDAQ:NXT) Receives $53.10 Consensus PT from Analysts

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

NXT has been the topic of several analyst reports. Susquehanna reduced their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Barclays reduced their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Guggenheim reissued a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, November 22nd. TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 target price on the stock. Finally, Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th.

Nextracker Stock Down 3.4 %

Nextracker stock opened at $41.10 on Thursday. The stock has a market capitalization of $5.98 billion, a PE ratio of 10.25 and a beta of 2.04. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. 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 business has a 50 day simple moving average of $38.35 and a 200-day simple moving average of $39.48.

Hedge Funds Weigh In On Nextracker

A number of institutional investors have recently modified their holdings of NXT. Arizona State Retirement System lifted its holdings in shares of Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the period. Quarry LP raised its position in Nextracker by 61.5% during 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. Wedbush Securities Inc. lifted its stake in shares of Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after acquiring an additional 461 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after acquiring an additional 519 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the period. 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.