AGF Management Ltd. Sells 49,345 Shares of Nextracker Inc. (NASDAQ:NXT)

AGF Management Ltd. lessened its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 53.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,289 shares of the company’s stock after selling 49,345 shares during the quarter. AGF Management Ltd.’s holdings in Nextracker were worth $2,029,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Nextracker during the 1st quarter valued at $25,000. Lindbrook Capital LLC purchased a new stake in shares of Nextracker during the 1st quarter valued at $34,000. GAMMA Investing LLC raised its stake 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 acquiring an additional 279 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Nextracker in the 1st quarter worth $37,000. Finally, Toth Financial Advisory Corp purchased a new position in Nextracker in the 1st quarter worth $38,000. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of research analyst reports. Bank of America raised their target price on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. reduced their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, August 2nd. Barclays dropped their target price on Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Finally, Susquehanna initiated coverage on Nextracker in a research report on Friday, June 28th. They set a “positive” rating and a $59.00 target price on the stock. Five research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.91.

Nextracker Stock Up 5.1 %

NXT stock opened at $37.67 on Friday. The firm has a market cap of $5.48 billion, a PE ratio of 11.21, a PEG ratio of 5.16 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The firm’s 50 day moving average price is $42.30 and its 200-day moving average price is $48.50. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31.

Nextracker (NASDAQ:NXT) last announced its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. The company had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.48 earnings per share. On average, equities research analysts anticipate that Nextracker Inc. will post 2.57 EPS for the current year.

Nextracker 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.