Nextracker (NASDAQ:NXT) Earns “Outperform” Rating from Northland Securities

Nextracker (NASDAQ:NXT)‘s stock had its “outperform” rating reissued by Northland Securities in a research report issued on Tuesday, MarketBeat reports. They presently have a $48.00 price target on the stock. Northland Securities’ price objective indicates a potential upside of 27.69% from the company’s current price.

A number of other brokerages have also recently issued reports on NXT. Roth Mkm reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. JPMorgan Chase & Co. cut their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Guggenheim lowered their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Robert W. Baird cut their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.15.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $37.59 on Tuesday. The stock’s 50 day moving average is $36.47 and its 200-day moving average is $43.18. Nextracker has a twelve month low of $30.93 and a twelve month 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 firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 9.37 and a beta of 2.32.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. 1832 Asset Management L.P. boosted its position in shares of Nextracker by 0.3% in the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after acquiring an additional 275 shares during the period. GAMMA Investing LLC boosted its stake in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares during the period. Hilltop National Bank increased its stake in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after acquiring an additional 343 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares in the last quarter. Finally, Quarry LP increased its position 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. 67.41% of the stock is owned by institutional investors.

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.