Pacer Advisors Inc. Buys 29,269 Shares of Nextracker Inc. (NASDAQ:NXT)

Pacer Advisors Inc. boosted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 29,269.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,369 shares of the company’s stock after purchasing an additional 29,269 shares during the quarter. Pacer Advisors Inc.’s holdings in Nextracker were worth $1,377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Nextracker during the 1st quarter worth approximately $25,000. Lindbrook Capital LLC acquired a new stake in Nextracker in the first quarter valued at $34,000. GAMMA Investing LLC raised its holdings in shares of Nextracker by 73.2% in 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 period. Bruce G. Allen Investments LLC acquired a new position in shares of Nextracker in the first quarter valued at $37,000. Finally, Toth Financial Advisory Corp acquired a new stake in shares of Nextracker during the 1st quarter worth about $38,000. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on NXT shares. Truist Financial lowered their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. Bank of America upped 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. Susquehanna initiated coverage on Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 target price for the company. Guggenheim reduced their price target on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective 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 given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.18.

Nextracker Stock Up 3.2 %

NXT opened at $37.56 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31. The firm has a market capitalization of $5.45 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47. The company has a fifty day moving average price of $40.37 and a 200-day moving average price of $47.32.

Nextracker (NASDAQ:NXT) last issued its quarterly 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 firm had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the company posted $0.48 EPS. Equities research analysts expect that Nextracker Inc. will post 2.57 earnings per share for the current fiscal 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.