Nextracker’s (NXT) Outperform Rating Reiterated at Northland Securities

Northland Securities reaffirmed their outperform rating on shares of Nextracker (NASDAQ:NXT) in a research report released on Tuesday, MarketBeat.com reports. The firm currently has a $48.00 target price on the stock.

A number of other equities research analysts have also recently issued reports on NXT. Robert W. Baird decreased their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Jefferies Financial Group began coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price for the company. Barclays cut their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Susquehanna cut their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Finally, Guggenheim cut their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.15.

Nextracker Trading Up 0.3 %

Shares of NASDAQ:NXT opened at $37.69 on Tuesday. The stock has a market capitalization of $5.49 billion, a PE ratio of 9.40 and a beta of 2.32. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a fifty day moving average price of $36.51 and a 200 day moving average price of $43.15. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Institutional Trading of Nextracker

Large investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new stake in shares of Nextracker during the third quarter valued at approximately $74,000. Geode Capital Management LLC grew its stake in shares of Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after purchasing an additional 679,272 shares during the last quarter. Duff & Phelps Investment Management Co. grew its stake in shares of Nextracker by 31.2% during the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock valued at $652,000 after purchasing an additional 4,138 shares during the last quarter. Barclays PLC lifted its holdings in Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after buying an additional 187,598 shares during the period. Finally, Nomura Asset Management Co. Ltd. acquired a new position in Nextracker in the third quarter valued at approximately $112,000. 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.