Nextracker (NASDAQ:NXT) Shares Up 7% – Time to Buy?

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

Wall Street Analysts Forecast Growth

Several analysts have commented on NXT shares. Robert W. Baird lowered their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Guggenheim decreased their price target on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, August 16th. BMO Capital Markets reduced their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Finally, Susquehanna cut their target price 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. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $54.95.

Nextracker Trading Down 7.4 %

The company has a market cap of $5.36 billion, a PE ratio of 9.18 and a beta of 2.32. The business’s 50-day simple moving average is $36.30 and its 200-day simple moving average is $43.33. 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 Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. TFC Financial Management Inc. bought a new position in Nextracker during the 2nd quarter valued at about $32,000. Fifth Third Bancorp lifted its holdings in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Nextracker in the second quarter worth about $35,000. Finally, Quarry LP raised its stake in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during 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.