Nextracker (NASDAQ:NXT) Stock Rating Upgraded by Northland Capmk

Nextracker (NASDAQ:NXT) was upgraded by equities researchers at Northland Capmk to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. BMO Capital Markets dropped their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Susquehanna cut their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Barclays dropped 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. Finally, Robert W. Baird reduced their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.15.

Nextracker Trading Down 2.8 %

Shares of NASDAQ:NXT opened at $36.40 on Tuesday. The stock has a 50 day moving average of $36.44 and a 200 day moving average of $43.22. The company has a market cap of $5.30 billion, a PE ratio of 9.08 and a beta of 2.32. 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.

Institutional Investors Weigh In On Nextracker

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Nextracker by 166.1% during 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 last quarter. Edgestream Partners L.P. purchased a new position in shares of Nextracker during the first quarter worth $235,000. Covestor Ltd grew its stake in shares of Nextracker by 29,300.0% in the first quarter. Covestor Ltd now owns 882 shares of the company’s stock valued at $49,000 after buying an additional 879 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in Nextracker in the 1st quarter valued at about $1,199,000. Finally, American International Group Inc. increased its stake in Nextracker by 151.5% during the first quarter. American International Group Inc. now owns 62,059 shares of the company’s stock worth $3,492,000 after purchasing an additional 37,380 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.