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

Shares of Nextracker Inc. (NASDAQ:NXT) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are presently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $52.90.

A number of equities analysts recently commented on NXT shares. Robert W. Baird reduced their price objective on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Jefferies Financial Group started coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Truist Financial raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. TD Cowen initiated coverage on shares of Nextracker in a report on Thursday. They issued a “hold” rating and a $41.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Retirement Systems of Alabama lifted its holdings in Nextracker by 14.9% during the 3rd quarter. Retirement Systems of Alabama now owns 174,244 shares of the company’s stock worth $6,531,000 after buying an additional 22,570 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Nextracker during the third quarter worth $74,000. Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 679,272 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its holdings in Nextracker by 31.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock valued at $652,000 after purchasing an additional 4,138 shares during the period. Finally, Barclays PLC boosted its holdings in Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after purchasing an additional 187,598 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

NXT opened at $35.15 on Friday. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm’s 50-day moving average price is $36.80 and its 200 day moving average price is $41.35. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The firm has a market capitalization of $5.12 billion, a PE ratio of 8.77 and a beta of 2.09.

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.