Nextracker (NASDAQ:NXT) Given “Outperform” Rating at Northland Securities

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

Several other research analysts have also weighed in on NXT. Susquehanna lowered their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. JPMorgan Chase & Co. dropped their target price 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. BMO Capital Markets decreased 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 dropped their price objective on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Finally, Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $55.15.

Nextracker Price Performance

Nextracker stock opened at $36.40 on Tuesday. The company has a 50-day moving average price of $36.44 and a 200 day moving average price of $43.22. The stock has a market cap of $5.30 billion, a P/E ratio of 9.08 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. lifted its stake in Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. Hilltop National Bank boosted its holdings 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 buying an additional 343 shares in the last quarter. Arizona State Retirement System grew its position 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 buying an additional 372 shares during the last quarter. Finally, Quarry LP raised its stake 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 acquiring an additional 426 shares in the last quarter. 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.