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

Shares of Nextracker Inc. (NASDAQ:NXT) have received a consensus recommendation of “Moderate Buy” from the twenty-one brokerages that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $54.30.

Several equities research analysts have weighed in on the stock. Susquehanna decreased their price target 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. Barclays decreased their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Bank of America cut their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Northland Securities restated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a report on Tuesday, November 19th. Finally, Wells Fargo & Company cut their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th.

Nextracker Stock Up 0.7 %

Shares of NXT stock opened at $35.47 on Friday. The firm’s fifty day moving average price is $36.82 and its two-hundred day moving average price is $42.06. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. 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 has a market capitalization of $5.16 billion, a P/E ratio of 8.85 and a beta of 2.09.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NXT. Holocene Advisors LP bought a new position in shares of Nextracker during the 3rd quarter valued at approximately $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Nextracker in the second quarter worth $43,078,000. Erste Asset Management GmbH purchased a new stake in Nextracker in the third quarter worth $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Nextracker by 1,800.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after buying an additional 801,780 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after buying an additional 713,463 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.