Sanctuary Advisors LLC Purchases New Shares in Nextracker Inc. (NASDAQ:NXT)

Sanctuary Advisors LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,774 shares of the company’s stock, valued at approximately $384,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Sycomore Asset Management raised its stake in shares of Nextracker by 9.9% in the second quarter. Sycomore Asset Management now owns 239,883 shares of the company’s stock worth $11,176,000 after purchasing an additional 21,688 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Nextracker by 134.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 75,949 shares of the company’s stock worth $3,560,000 after buying an additional 43,580 shares in the last quarter. Cetera Investment Advisers increased its position in Nextracker by 48.5% in the second quarter. Cetera Investment Advisers now owns 24,235 shares of the company’s stock worth $1,136,000 after buying an additional 7,910 shares in the last quarter. Truist Financial Corp boosted its stake in shares of Nextracker by 67.1% in the second quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock worth $526,000 after acquiring an additional 4,507 shares during the period. Finally, Creative Planning boosted its stake in shares of Nextracker by 23.7% in the second quarter. Creative Planning now owns 30,317 shares of the company’s stock worth $1,421,000 after acquiring an additional 5,810 shares during the period. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Down 4.2 %

Nextracker stock opened at $33.57 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. The stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 5.19 and a beta of 2.47. Nextracker Inc. has a 1-year low of $32.19 and a 1-year high of $62.31. The business has a fifty day moving average price of $37.44 and a 200-day moving average price of $44.89.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share 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 negative return on equity of 36.33% and a net margin of 14.87%. The business’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. Equities research analysts forecast that Nextracker Inc. will post 2.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NXT has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a research note on Friday, August 2nd. Guggenheim lowered their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Jefferies Financial Group initiated coverage on Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. BMO Capital Markets reduced their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday. Finally, Bank of America increased their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $56.65.

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.