abrdn plc Has $21.89 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

abrdn plc raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 0.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 584,158 shares of the company’s stock after buying an additional 4,159 shares during the quarter. abrdn plc owned 0.40% of Nextracker worth $21,894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NXT. State of Alaska Department of Revenue grew its holdings in shares of Nextracker by 24.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 16,660 shares of the company’s stock worth $624,000 after purchasing an additional 3,300 shares in the last quarter. Clear Harbor Asset Management LLC grew its holdings in shares of Nextracker by 0.4% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 152,153 shares of the company’s stock worth $5,703,000 after purchasing an additional 584 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Nextracker by 12.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 85,000 shares of the company’s stock worth $3,306,000 after purchasing an additional 9,200 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Nextracker by 14.4% during the 3rd quarter. Louisiana State Employees Retirement System now owns 39,800 shares of the company’s stock worth $1,492,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Nextracker by 158.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 963,698 shares of the company’s stock worth $36,119,000 after buying an additional 591,488 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Up 24.6 %

NASDAQ NXT opened at $39.82 on Friday. The stock has a 50-day simple moving average of $36.15 and a 200 day simple moving average of $43.64. The company has a market capitalization of $5.79 billion, a PE ratio of 10.56 and a beta of 2.47. 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 Inc. has a 12 month low of $30.93 and a 12 month high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $616.71 million. During the same quarter last year, the firm earned $0.48 EPS. Nextracker’s quarterly revenue was up 50.1% compared to the same quarter last year. Research analysts forecast that Nextracker Inc. will post 2.52 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. JPMorgan Chase & Co. cut their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Wells Fargo & Company cut their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday. Guggenheim cut their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Robert W. Baird cut their price objective on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Roth Mkm 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 Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average target price of $55.45.

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.