Nextracker (NASDAQ:NXT) Stock Price Up 7% – What’s Next?

Nextracker Inc. (NASDAQ:NXT)’s stock price rose 7% during mid-day trading on Thursday . The company traded as high as $39.99 and last traded at $39.92. Approximately 1,754,418 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 3,745,044 shares. The stock had previously closed at $37.30.

Analyst Ratings Changes

NXT has been the topic of several recent analyst reports. Susquehanna reduced their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. Wells Fargo & Company dropped their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Barclays dropped their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.95.

Nextracker Price Performance

The firm has a market capitalization of $5.79 billion, a P/E ratio of 9.30 and a beta of 2.32. The business has a fifty day moving average of $36.18 and a 200-day moving average of $43.40. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Nextracker by 166.1% in 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. Victory Capital Management Inc. lifted its holdings in shares of Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Nextracker by 5.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after buying an additional 84,069 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after buying an additional 745,665 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.