Nextracker Inc. (NASDAQ:NXT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twenty-one research firms that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, sixteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $55.15.

NXT has been the topic of several analyst reports. Jefferies Financial Group assumed coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 price target on the stock. Roth Mkm reduced their price objective on Nextracker from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. BMO Capital Markets cut their price objective on Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a report on Monday, October 14th. Barclays lowered their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a report on Thursday, October 3rd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd.

Nextracker Trading Up 3.3 %

NXT traded up $1.19 during trading on Wednesday, reaching $37.59. The company had a trading volume of 1,737,595 shares, compared to its average volume of 3,723,956. The firm's 50-day simple moving average is $36.44 and its 200 day simple moving average is $43.22. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 9.08 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. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Institutional Trading of Nextracker

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company's stock worth $31,000 after purchasing an additional 279 shares during the period. Fifth Third Bancorp lifted its holdings in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company's stock valued at $32,000 after acquiring an additional 641 shares during the period. TFC Financial Management Inc. bought a new position in shares of Nextracker during the 2nd quarter valued at approximately $32,000. Rothschild Investment LLC purchased a new stake in Nextracker in the 2nd quarter worth $35,000. Finally, Covestor Ltd raised its position in shares of Nextracker by 29,300.0% during the first quarter. Covestor Ltd now owns 882 shares of the company's stock valued at $49,000 after buying an additional 879 shares during the last quarter. 67.41% of the stock is currently owned by 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.