Nextracker (NASDAQ:NXT) Receives "Outperform" Rating from Northland Securities

Northland Securities restated their outperform rating on shares of Nextracker (NASDAQ:NXT - Free Report) in a research note released on Tuesday, MarketBeat Ratings reports. They currently have a $48.00 price target on the stock.

Several other brokerages have also recently issued reports on NXT. Susquehanna lowered their target price 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. Robert W. Baird lowered their price target on shares of Nextracker from $71.00 to $53.00 and set an "outperform" rating on the stock in a research report on Thursday, October 31st. Bank of America lowered their price target on shares of Nextracker from $65.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Finally, BMO Capital Markets lowered 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. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.15.

Nextracker Price Performance

NXT traded down $1.02 on Tuesday, hitting $36.41. 1,301,549 shares of the company's stock were exchanged, compared to its average volume of 3,730,978. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $36.37 and a 200-day moving average price of $43.29. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of 9.33 and a beta of 2.32.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Vanguard Group Inc. grew its stake in 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 acquiring an additional 7,821,368 shares during the last quarter. State Street Corp grew its stake in Nextracker by 15.8% in 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 during the last quarter. Geode Capital Management LLC boosted its stake in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after purchasing an additional 679,272 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock worth $127,169,000 after purchasing an additional 688,810 shares during the last quarter. Finally, Victory Capital Management Inc. boosted 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. Institutional investors and hedge funds 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.