Point72 Hong Kong Ltd Increases Position in Nextracker Inc. (NASDAQ:NXT)

Point72 Hong Kong Ltd boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 5.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,750 shares of the company’s stock after acquiring an additional 581 shares during the period. Point72 Hong Kong Ltd’s holdings in Nextracker were worth $551,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of NXT. SCP Investment LP bought a new stake in shares of Nextracker in the 4th quarter worth about $424,000. Teacher Retirement System of Texas purchased a new stake in shares of Nextracker in the 4th quarter worth approximately $265,000. UBS Group AG lifted its position in shares of Nextracker by 75.6% in the 4th quarter. UBS Group AG now owns 207,983 shares of the company’s stock worth $9,744,000 after purchasing an additional 89,563 shares during the period. US Bancorp DE lifted its position in shares of Nextracker by 127.5% in the 4th quarter. US Bancorp DE now owns 19,401 shares of the company’s stock worth $909,000 after purchasing an additional 10,872 shares during the period. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Nextracker during the 4th quarter worth approximately $1,127,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Trading Up 3.2 %

NASDAQ NXT opened at $37.56 on Friday. The firm has a 50 day simple moving average of $40.37 and a 200-day simple moving average of $47.32. 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 one year low of $32.14 and a one year high of $62.31. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 5.32 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $616.71 million. During the same quarter last year, the firm posted $0.48 earnings per share. The business’s revenue for the quarter was up 50.1% compared to the same quarter last year. Equities research analysts anticipate that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on NXT. Susquehanna began coverage on shares of Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective on the stock. Roth Mkm cut their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Bank of America increased their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.18.

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.