Nextracker (NASDAQ:NXT) Rating Increased to Strong-Buy at Northland Capmk

Northland Capmk upgraded shares of Nextracker (NASDAQ:NXT - Free Report) to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

NXT has been the subject of a number of other reports. Roth Mkm reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Guggenheim lowered their target price on Nextracker from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, August 16th. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Bank of America lowered their price objective 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. Finally, Northland Securities reaffirmed an "outperform" rating and set a $48.00 target price on shares of Nextracker in a report on Tuesday. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $55.15.

Nextracker Stock Up 3.3 %

Shares of NXT stock traded up $1.19 during mid-day trading on Tuesday, reaching $37.59. 1,737,595 shares of the company's stock traded hands, compared to its average volume of 3,723,956. 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 company's 50-day moving average price is $36.47 and its 200-day moving average price is $43.18. The company has a market cap of $5.47 billion, a P/E ratio of 9.37 and a beta of 2.32. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position 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 worth $705,149,000 after purchasing an additional 7,821,368 shares during the period. State Street Corp boosted its position in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock valued at $190,041,000 after acquiring an additional 690,343 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock valued at $134,724,000 after acquiring an additional 679,272 shares during the period. Wellington Management Group LLP raised its position in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock worth $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company's stock worth $88,739,000 after purchasing an additional 315,199 shares during the last quarter. 67.41% of the stock is currently 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.