Electron Capital Partners LLC Has $15.19 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

Electron Capital Partners LLC trimmed its position in Nextracker Inc. (NASDAQ:NXT) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 324,024 shares of the company’s stock after selling 4,766 shares during the quarter. Nextracker comprises approximately 0.3% of Electron Capital Partners LLC’s holdings, making the stock its 27th largest position. Electron Capital Partners LLC owned 0.22% of Nextracker worth $15,190,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker during the 1st quarter valued at $25,000. Lindbrook Capital LLC acquired a new position in Nextracker during the 1st quarter valued at $34,000. GAMMA Investing LLC raised its stake in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in Nextracker during the 1st quarter valued at $37,000. Finally, Toth Financial Advisory Corp acquired a new position in Nextracker during the 1st quarter valued at $38,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Trading Down 0.9 %

NXT 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 stock has a market capitalization of $5.29 billion, a PE ratio of 10.84, a PEG ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The firm has a 50-day moving average price of $40.59 and a two-hundred day moving average price of $47.40.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 EPS. As a group, equities analysts anticipate that Nextracker Inc. will post 2.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Barclays cut their target price on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Guggenheim dropped their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Truist Financial reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Monday, July 29th. Roth Mkm reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Susquehanna started coverage on shares of Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 price objective for the company. Five research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.18.

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.