Louisiana State Employees Retirement System Acquires 5,000 Shares of Nextracker Inc. (NASDAQ:NXT)

Louisiana State Employees Retirement System grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 14.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 39,800 shares of the company’s stock after purchasing an additional 5,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Nextracker were worth $1,492,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. 1832 Asset Management L.P. boosted its holdings in shares of Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the period. Hilltop National Bank raised its position in shares of Nextracker by 40.6% during the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System raised its position in shares of Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the period. Finally, Wedbush Securities Inc. raised its position in shares of Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after purchasing an additional 461 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NXT has been the topic of a number of research reports. Susquehanna lowered their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Robert W. Baird lowered their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday. Guggenheim lowered their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Barclays lowered their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.45.

Nextracker Trading Up 24.6 %

Shares of Nextracker stock opened at $39.82 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 firm has a market cap of $5.79 billion, a PE ratio of 10.56 and a beta of 2.47. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a fifty day moving average price of $36.15 and a 200-day moving average price of $43.64.

Nextracker (NASDAQ:NXT) last announced 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 negative return on equity of 36.33% and a net margin of 14.87%. The company 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 EPS. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. Equities research analysts anticipate that Nextracker Inc. will post 2.52 EPS for the current year.

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.