Federated Hermes Inc. Decreases Position in Nextracker Inc. (NASDAQ:NXT)

Federated Hermes Inc. decreased its position in shares of Nextracker Inc. (NASDAQ:NXT) by 16.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 618,353 shares of the company’s stock after selling 123,921 shares during the quarter. Federated Hermes Inc. owned 0.43% of Nextracker worth $28,988,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Virtu Financial LLC increased its position in Nextracker by 228.3% during the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after acquiring an additional 26,700 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Nextracker by 22.7% during the 4th quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after acquiring an additional 53,904 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in Nextracker during the first quarter valued at $1,643,000. Diversify Advisory Services LLC bought a new position in shares of Nextracker in the 2nd quarter valued at about $1,270,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Nextracker in the 1st quarter worth approximately $2,819,000. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on NXT. Susquehanna began coverage on Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 price target on the stock. Barclays reduced their target price on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Roth Mkm dropped their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Guggenheim reduced their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, Jefferies Financial Group began coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price for the company. Five analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $57.91.

Nextracker Price Performance

Shares of NXT opened at $37.67 on Friday. The stock has a market capitalization 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 50 day moving average price of $42.30 and a 200-day moving average price of $48.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week 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 the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. Equities analysts predict that Nextracker Inc. will post 2.57 earnings per share for the current fiscal 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.