Nextracker Inc. (NASDAQ:NXT) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twenty-two brokerages that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $55.70.

Several research analysts have recently commented on the stock. Northland Securities restated an "outperform" rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Piper Sandler set a $49.00 price target on shares of Nextracker in a research note on Monday, April 21st. BMO Capital Markets increased their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday, January 29th. UBS Group increased their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Finally, Susquehanna raised their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research note on Wednesday, January 29th.

Nextracker Stock Performance

Shares of NXT opened at $54.09 on Wednesday. The company's fifty day moving average is $42.48 and its 200-day moving average is $41.53. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market cap of $7.88 billion, a price-to-earnings ratio of 13.76 and a beta of 2.03. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Nextracker

Hedge funds and other institutional investors have recently made changes to their positions in the business. IFP Advisors Inc lifted its holdings in shares of Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after acquiring an additional 2,768 shares during the period. Robeco Schweiz AG bought a new position in shares of Nextracker during the 4th quarter worth about $22,112,000. New York State Common Retirement Fund lifted its holdings in shares of Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after acquiring an additional 185,858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock worth $64,068,000 after acquiring an additional 161,873 shares during the period. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Nextracker by 115.1% during the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company's stock worth $482,000 after acquiring an additional 7,056 shares during the period. 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.

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