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

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

A number of other equities research analysts have also commented on NXT. Roth Mkm dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Robert W. Baird decreased their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Susquehanna decreased their price objective 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. Bank of America decreased their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.15.

Nextracker Trading Up 0.3 %

NXT opened at $37.69 on Tuesday. The firm’s fifty day moving average is $36.51 and its two-hundred day moving average is $43.15. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The firm has a market cap of $5.49 billion, a PE ratio of 9.40 and a beta of 2.32. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Virtu Financial LLC raised its holdings in Nextracker by 228.3% during the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Nextracker in the second quarter valued at about $1,270,000. Swedbank AB purchased a new stake in shares of Nextracker in the second quarter valued at about $4,622,000. Secure Asset Management LLC purchased a new stake in shares of Nextracker in the third quarter valued at about $1,370,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Nextracker by 534.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock valued at $9,851,000 after purchasing an additional 147,446 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.