Brokerages Set Nextracker Inc. (NASDAQ:NXT) PT at $55.15

Nextracker Inc. (NASDAQ:NXT) has been given a consensus rating of “Moderate Buy” by the twenty-one research firms that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $54.30.

Several research analysts recently weighed in on NXT shares. Wells Fargo & Company dropped their target price on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Truist Financial boosted their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Susquehanna decreased their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Finally, Robert W. Baird decreased their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st.

Nextracker Trading Up 3.9 %

Shares of Nextracker stock opened at $38.85 on Wednesday. The company has a market capitalization of $5.65 billion, a P/E ratio of 9.69 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The company has a fifty day moving average of $36.53 and a 200 day moving average of $43.09. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

Institutional Investors Weigh In On Nextracker

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after buying an additional 641 shares during the last quarter. TFC Financial Management Inc. purchased a new position in shares of Nextracker in the second quarter worth $32,000. Rothschild Investment LLC purchased a new position in shares of Nextracker in the second quarter worth $35,000. Finally, Covestor Ltd raised its holdings in shares of Nextracker by 29,300.0% in the first quarter. Covestor Ltd now owns 882 shares of the company’s stock worth $49,000 after buying an additional 879 shares during the last quarter. 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.