Diker Management LLC Takes Position in Nextracker Inc. (NASDAQ:NXT)

Diker Management LLC acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 24,000 shares of the company’s stock, valued at approximately $1,125,000. Nextracker makes up approximately 1.0% of Diker Management LLC’s investment portfolio, making the stock its 18th biggest holding.

Several other institutional investors also recently modified their holdings of the stock. Virtu Financial LLC boosted its position in Nextracker by 228.3% during the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares during the period. Hsbc Holdings PLC increased its holdings in Nextracker by 22.7% in the fourth quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock valued at $13,503,000 after purchasing an additional 53,904 shares during the period. Graybill Wealth Management LTD. bought a new position in Nextracker during the 1st quarter worth $1,643,000. Diversify Advisory Services LLC acquired a new position in Nextracker during the 2nd quarter worth about $1,270,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Nextracker in the 1st quarter valued at about $2,819,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NXT shares. Bank of America raised their price objective on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Barclays dropped their price target on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Truist Financial decreased their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Roth Mkm dropped their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.18.

Nextracker Stock Performance

Shares of NXT stock opened at $36.41 on Thursday. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $40.59 and a two-hundred day simple moving average of $47.40. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The firm 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.

Nextracker (NASDAQ:NXT) last posted its earnings results on Thursday, August 1st. The company reported $0.93 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 company had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. Analysts forecast that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Nextracker Company 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.