Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twenty-two brokerages that are currently covering the firm, MarketBeat reports. Five equities research 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 target among brokers that have covered the stock in the last year is $53.10.
Several equities research analysts recently commented on the company. Northland Capmk raised Nextracker to a "strong-buy" rating in a research report on Tuesday, November 19th. BMO Capital Markets reduced their price target on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a research note on Monday, October 14th. The Goldman Sachs Group lowered their price objective on shares of Nextracker from $63.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Citigroup cut their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company lowered their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a report on Wednesday.
View Our Latest Stock Report on Nextracker
Shares of NXT opened at $42.53 on Thursday. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 10.61 and a beta of 2.04. The business's fifty day simple moving average is $38.26 and its two-hundred day simple moving average is $39.60. Nextracker has a 12 month low of $30.93 and a 12 month 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.
Large investors have recently made changes to their positions in the business. Holocene Advisors LP bought a new stake in Nextracker during the 3rd quarter valued at approximately $45,416,000. Erste Asset Management GmbH bought a new stake in shares of Nextracker during the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company's stock worth $59,667,000 after buying an additional 745,665 shares in the last quarter. State Street Corp boosted its position in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company's stock worth $190,041,000 after acquiring an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock valued at $127,169,000 after acquiring an additional 688,810 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.
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.