Nextracker (NASDAQ:NXT) Shares Up 8.4% – Still a Buy?

Nextracker Inc. (NASDAQ:NXT)’s stock price was up 8.4% during trading on Thursday . The company traded as high as $40.22 and last traded at $39.60. Approximately 955,722 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 3,534,740 shares. The stock had previously closed at $36.53.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NXT shares. Guggenheim reaffirmed a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, November 22nd. Truist Financial boosted their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Piper Sandler decreased their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group started coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Finally, Wells Fargo & Company dropped their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.90.

Nextracker Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock has a 50 day moving average of $37.33 and a two-hundred day moving average of $40.16. The stock has a market capitalization of $5.69 billion, a PE ratio of 9.75 and a beta of 2.10.

Institutional Trading of Nextracker

A number of institutional investors have recently bought and sold shares of the company. Retirement Systems of Alabama grew its position in shares of Nextracker by 14.9% in the third quarter. Retirement Systems of Alabama now owns 174,244 shares of the company’s stock valued at $6,531,000 after purchasing an additional 22,570 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Nextracker during the 3rd quarter valued at $74,000. Geode Capital Management LLC raised its holdings in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Duff & Phelps Investment Management Co. raised its holdings in shares of Nextracker by 31.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock worth $652,000 after acquiring an additional 4,138 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Nextracker by 259.8% during the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after acquiring an additional 187,598 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other 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.