Nextracker Inc. (NASDAQ:NXT) Stake Increased by Sycomore Asset Management

Sycomore Asset Management boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 9.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 239,883 shares of the company’s stock after buying an additional 21,688 shares during the period. Nextracker makes up approximately 2.0% of Sycomore Asset Management’s investment portfolio, making the stock its 16th largest position. Sycomore Asset Management’s holdings in Nextracker were worth $11,176,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Nextracker in the 1st quarter worth approximately $25,000. GAMMA Investing LLC grew its position in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker during the 1st quarter worth about $37,000. Toth Financial Advisory Corp bought a new position in shares of Nextracker in the first quarter valued at approximately $38,000. Finally, Fifth Third Bancorp grew its position in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after acquiring an additional 641 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on NXT shares. Truist Financial cut their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Bank of America increased their price objective on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Roth Mkm dropped their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.18.

Nextracker Price Performance

Shares of NXT opened at $37.48 on Tuesday. The stock has a market cap of $5.44 billion, a P/E ratio of 11.15, a price-to-earnings-growth 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 stock’s 50-day moving average price is $39.80 and its two-hundred day moving average price is $46.76. 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 earnings results on Thursday, August 1st. The company reported $0.93 EPS 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 the consensus estimate of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 earnings per share. On average, equities analysts predict that Nextracker Inc. will post 2.57 earnings per share for the current 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.