Decade Renewable Partners LP Makes New $9.94 Million Investment in Nextracker Inc. (NASDAQ:NXT)

Decade Renewable Partners LP purchased a new stake in Nextracker Inc. (NASDAQ:NXT) during the second quarter, Holdings Channel.com reports. The firm purchased 212,052 shares of the company’s stock, valued at approximately $9,941,000. Nextracker comprises 4.8% of Decade Renewable Partners LP’s portfolio, making the stock its 8th biggest position.

Several other large investors have also recently made changes to their positions in NXT. Diker Management LLC purchased a new stake in shares of Nextracker during the 2nd quarter valued at $1,125,000. Encompass Capital Advisors LLC raised its stake in Nextracker by 98.0% in the second quarter. Encompass Capital Advisors LLC now owns 890,962 shares of the company’s stock valued at $41,768,000 after buying an additional 440,962 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Nextracker by 20.6% in the second quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock worth $2,348,000 after acquiring an additional 8,547 shares in the last quarter. Point72 Europe London LLP purchased a new stake in shares of Nextracker during the second quarter worth about $4,984,000. Finally, Point72 Hong Kong Ltd increased its holdings in shares of Nextracker by 5.2% during the second quarter. Point72 Hong Kong Ltd now owns 11,750 shares of the company’s stock valued at $551,000 after acquiring an additional 581 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

NXT has been the topic of several research analyst reports. Bank of America boosted their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Truist Financial dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Roth Mkm reduced their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $58.18.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $36.41 on Thursday. The company has a market capitalization of $5.29 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 5.32 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 company’s fifty day moving average price is $40.59 and its 200 day moving average price is $47.40. Nextracker Inc. has a 1 year low of $32.14 and a 1 year high of $62.31.

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

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.