Nextracker Inc. (NASDAQ:NXT) Receives $55.15 Consensus Price Target from Brokerages

Nextracker Inc. (NASDAQ:NXT) has received an average recommendation of “Moderate Buy” from the twenty-one analysts that are covering the firm, Marketbeat Ratings reports. Four 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 12-month price target among brokerages that have issued ratings on the stock in the last year is $54.30.

A number of research analysts have recently issued reports on NXT shares. Truist Financial boosted their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. BMO Capital Markets dropped their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. 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 report on Tuesday, October 29th. Susquehanna dropped their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Finally, 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.

Nextracker Price Performance

NXT stock opened at $38.87 on Wednesday. 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 firm has a market cap of $5.66 billion, a price-to-earnings ratio of 9.69 and a beta of 2.32. The company’s fifty day simple moving average is $36.63 and its 200 day simple moving average is $43.02. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Vanguard Group Inc. grew its position in Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after buying an additional 7,821,368 shares during the period. State Street Corp raised its stake in Nextracker by 15.8% in 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 boosted its position 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 purchasing an additional 679,272 shares during the period. Wellington Management Group LLP raised its position in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Nextracker by 15.4% in the third 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 during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.