Nextracker (NASDAQ:NXT) Trading Up 8.4% – What’s Next?

Nextracker Inc. (NASDAQ:NXT)’s stock price rose 8.4% during trading on Thursday . The company traded as high as $40.22 and last traded at $39.60. Approximately 955,722 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 3,534,740 shares. The stock had previously closed at $36.53.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NXT. Piper Sandler lowered their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Susquehanna dropped their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. JPMorgan Chase & Co. decreased their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Robert W. Baird dropped their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, Wells Fargo & Company decreased their price target on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.90.

Nextracker Stock Up 0.3 %

The business has a 50-day simple moving average of $37.66 and a two-hundred day simple moving average of $40.03. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 9.88 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rothschild Investment LLC acquired a new position in Nextracker during the second quarter worth $35,000. Rhumbline Advisers boosted its position in shares of Nextracker by 99.7% during the 2nd quarter. Rhumbline Advisers now owns 418,570 shares of the company’s stock worth $19,623,000 after purchasing an additional 208,953 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new position in shares of Nextracker during the 2nd quarter worth $1,195,000. Victory Capital Management Inc. increased its holdings in shares of Nextracker by 5.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock valued at $96,218,000 after purchasing an additional 110,707 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after purchasing an additional 372 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.