Analysts Set Nextracker Inc. (NASDAQ:NXT) Price Target at $40.93

Shares of Nextracker Inc. (NASDAQ:NXT – Get Rating) have been assigned an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $40.93.

A number of equities analysts have weighed in on the stock. Scotiabank assumed coverage on shares of Nextracker in a report on Monday, March 6th. They issued a “sector outperform” rating and a $38.00 price target on the stock. Northland Securities boosted their price target on Nextracker from $32.00 to $35.00 in a research report on Friday, May 12th. Credit Suisse Group assumed coverage on Nextracker in a report on Monday, March 6th. They issued an “outperform” rating and a $36.00 price objective on the stock. Bank of America boosted their target price on Nextracker from $40.00 to $42.00 in a report on Friday, May 12th. Finally, Craig Hallum started coverage on shares of Nextracker in a report on Wednesday, March 22nd. They issued a “buy” rating and a $41.00 price target on the stock.

Nextracker Stock Performance

NXT opened at $39.98 on Friday. Nextracker has a 1 year low of $28.24 and a 1 year high of $40.80. The business has a 50 day moving average of $33.54.

Institutional Investors Weigh In On Nextracker

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ameriprise Financial Inc. acquired a new stake in shares of Nextracker during the first quarter worth approximately $1,751,000. JPMorgan Chase & Co. bought a new stake in shares of Nextracker in the 1st quarter worth about $42,403,000. New York State Common Retirement Fund acquired a new stake in shares of Nextracker in the 1st quarter valued at about $3,840,000. Seven Grand Managers LLC bought a new position in shares of Nextracker during the first quarter worth about $3,040,000. Finally, State Street Corp acquired a new position in Nextracker in the first quarter worth about $20,073,000.

About Nextracker

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Nextracker Inc is a provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar power plants. Nextracker Inc is based in SAN JOSE, Calif.