Nextracker Inc. (NASDAQ:NXT) Receives $53.10 Average PT from Analysts

Shares of Nextracker Inc. (NASDAQ:NXT) have been given a consensus rating of “Moderate Buy” by the twenty-two brokerages that are presently covering the company, MarketBeat Ratings reports. 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 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.

A number of equities analysts have recently issued reports on NXT shares. Barclays cut their price target 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. Susquehanna dropped their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. The Goldman Sachs Group decreased their price target on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Piper Sandler dropped their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, TD Cowen initiated coverage on Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company.

Nextracker Trading Down 3.4 %

NASDAQ:NXT opened at $41.10 on Thursday. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 10.25 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a fifty day moving average price of $38.35 and a two-hundred day moving average price of $39.48. 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 Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. raised its stake in Nextracker by 29.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 96,792 shares of the company’s stock worth $3,536,000 after purchasing an additional 21,760 shares during the period. Hilltop National Bank increased its holdings in shares of Nextracker by 75.1% during the 4th quarter. Hilltop National Bank now owns 2,078 shares of the company’s stock worth $76,000 after buying an additional 891 shares during the last quarter. Nordea Investment Management AB purchased a new position in shares of Nextracker in the 4th quarter worth $5,734,000. Central Pacific Bank Trust Division acquired a new position in Nextracker in the fourth quarter valued at $94,000. Finally, Everence Capital Management Inc. purchased a new stake in Nextracker during the fourth quarter valued at about $331,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.