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

Nextracker Inc. (NASDAQ:NXT) has earned a consensus recommendation of “Moderate Buy” from the twenty-one research firms that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $54.30.

A number of equities research analysts have recently issued reports on NXT shares. Jefferies Financial Group began coverage on shares of Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price for the company. Northland Securities reissued an “outperform” rating and issued a $48.00 price objective on shares of Nextracker in a report on Tuesday, November 19th. Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Susquehanna reduced their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Finally, Guggenheim restated a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd.

Nextracker Stock Performance

NASDAQ:NXT opened at $38.87 on Wednesday. The stock has a 50 day simple moving average of $36.63 and a 200 day simple moving average of $43.02. The stock has a market cap of $5.66 billion, a P/E ratio of 9.69 and a beta of 2.32. 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.

Institutional Trading of Nextracker

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC grew its stake in shares of Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after purchasing an additional 26,700 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in Nextracker during the 2nd quarter worth about $1,270,000. Swedbank AB bought a new stake in shares of Nextracker in the 2nd quarter valued at about $4,622,000. Secure Asset Management LLC acquired a new stake in shares of Nextracker in the third quarter valued at about $1,370,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Nextracker by 534.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock worth $9,851,000 after acquiring an additional 147,446 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.