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

Nextracker Inc. (NASDAQ:NXT) has received a consensus recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $54.30.

NXT has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. BMO Capital Markets decreased their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Barclays lowered their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, Piper Sandler lowered their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday.

Nextracker Price Performance

NASDAQ NXT opened at $38.85 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 9.69 and a beta of 2.32. The business’s fifty day moving average price is $36.53 and its 200-day moving average price is $43.06.

Institutional Trading of Nextracker

Several hedge funds have recently modified their holdings of NXT. Vanguard Group Inc. lifted its stake in shares of Nextracker by 166.1% in the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after purchasing an additional 7,821,368 shares during the last quarter. Holocene Advisors LP bought a new stake in Nextracker in the third quarter worth $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Nextracker during the second quarter worth $43,078,000. Erste Asset Management GmbH purchased a new position in Nextracker during the third quarter worth $33,545,000. Finally, Earnest Partners LLC purchased a new stake in shares of Nextracker in the first quarter valued at $46,593,000. 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.