Nextracker Inc. (NASDAQ:NXT) Shares Sold by Dark Forest Capital Management LP

Dark Forest Capital Management LP trimmed its position in Nextracker Inc. (NASDAQ:NXT) by 67.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,016 shares of the company’s stock after selling 41,503 shares during the period. Dark Forest Capital Management LP’s holdings in Nextracker were worth $938,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Decade Renewable Partners LP acquired a new stake in shares of Nextracker during the 2nd quarter valued at $9,941,000. Diker Management LLC acquired 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% during the 2nd quarter. Encompass Capital Advisors LLC now owns 890,962 shares of the company’s stock valued at $41,768,000 after purchasing an additional 440,962 shares during the period. AQR Capital Management LLC raised its stake in Nextracker by 20.6% during the 2nd quarter. AQR Capital Management LLC now owns 50,090 shares of the company’s stock valued at $2,348,000 after purchasing an additional 8,547 shares during the period. Finally, Point72 Europe London LLP acquired a new stake in Nextracker during the 2nd quarter valued at $4,984,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Trading Up 3.2 %

Shares of NASDAQ:NXT opened at $37.56 on Friday. The stock has a market capitalization of $5.45 billion, a PE ratio of 11.18, a P/E/G 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 fifty day moving average price of $40.37 and a 200 day moving average price of $47.32. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Nextracker’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 earnings per share. Analysts expect that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on NXT shares. Bank of America boosted their target price on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 target price on shares of Nextracker in a research note on Friday, August 2nd. Guggenheim cut their target price 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. Barclays cut their target price on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Finally, Susquehanna began coverage on shares of Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 target price on the stock. Five analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.