Brokerages Set Nextracker Inc. (NASDAQ:NXT) Target Price at $53.10

Nextracker Inc. (NASDAQ:NXT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $53.10.

Several research firms have recently commented on NXT. Citigroup lowered their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Barclays dropped their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Northland Securities reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a report on Tuesday, November 19th. BMO Capital Markets dropped their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Finally, Bank of America reduced their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th.

Nextracker Stock Down 0.6 %

NASDAQ NXT opened at $40.85 on Thursday. 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. The stock’s 50 day moving average is $38.33 and its 200 day moving average is $39.37. The stock has a market cap of $5.95 billion, a PE ratio of 10.19 and a beta of 2.04.

Institutional Trading of Nextracker

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP grew its holdings in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. GAMMA Investing LLC boosted its position in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after buying an additional 549 shares during the period. Neo Ivy Capital Management bought a new position in Nextracker in the 3rd quarter worth about $74,000. Arcadia Investment Management Corp MI purchased a new position in shares of Nextracker during the third quarter worth approximately $75,000. Finally, Hilltop National Bank raised its stake in shares of Nextracker by 75.1% during the fourth quarter. Hilltop National Bank now owns 2,078 shares of the company’s stock valued at $76,000 after acquiring an additional 891 shares in 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.