Nextracker (NASDAQ:NXT) Sets New 1-Year High at $59.07

Nextracker Inc. (NASDAQ:NXTGet Free Report) shares reached a new 52-week high during trading on Friday . The stock traded as high as $59.07 and last traded at $58.56, with a volume of 1042939 shares changing hands. The stock had previously closed at $57.12.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Piper Sandler upped their target price on Nextracker from $60.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Truist Financial upped their price objective on Nextracker from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Barclays upped their price objective on Nextracker from $50.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, January 22nd. Wells Fargo & Company upped their price objective on Nextracker from $57.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Finally, Janney Montgomery Scott started coverage on Nextracker in a research note on Monday, October 16th. They set a “buy” rating and a $43.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $53.78.

Get Our Latest Stock Analysis on NXT

Nextracker Price Performance

The business has a fifty day moving average price of $46.05 and a two-hundred day moving average price of $41.46. The firm has a market capitalization of $9.31 billion and a price-to-earnings ratio of 31.05.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Westfield Capital Management Co. LP acquired a new stake in Nextracker during the fourth quarter worth about $21,695,000. Orion Portfolio Solutions LLC acquired a new stake in Nextracker during the fourth quarter worth about $1,127,000. US Bancorp DE grew its holdings in Nextracker by 127.5% during the fourth quarter. US Bancorp DE now owns 19,401 shares of the company’s stock worth $909,000 after acquiring an additional 10,872 shares during the period. UBS Group AG grew its holdings in Nextracker by 75.6% during the fourth quarter. UBS Group AG now owns 207,983 shares of the company’s stock worth $9,744,000 after acquiring an additional 89,563 shares during the period. Finally, PNC Financial Services Group Inc. acquired a new stake in Nextracker during the fourth quarter worth about $183,000. 44.28% of the stock is owned by institutional investors and hedge funds.

Nextracker Company Profile

(Get Free Report)

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.

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