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

Nextracker Inc. (NASDAQ:NXT) has received a consensus recommendation of “Moderate Buy” from the twenty analysts that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $55.15.

NXT has been the topic of several research analyst reports. BMO Capital Markets cut their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. 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 target on shares of Nextracker in a report on Tuesday. Finally, Robert W. Baird cut their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st.

Hedge Funds Weigh In On Nextracker

A number of institutional investors have recently made changes to their positions in NXT. Vanguard Group Inc. boosted its position in shares of Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after acquiring an additional 7,821,368 shares during the period. State Street Corp boosted its position in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC boosted its position in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the period. Wellington Management Group LLP boosted its position in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after acquiring an additional 315,199 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

NASDAQ:NXT opened at $36.40 on Wednesday. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $5.30 billion, a P/E ratio of 9.08 and a beta of 2.32. The stock’s fifty day moving average is $36.44 and its two-hundred day moving average is $43.22.

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.