Nextracker Inc. (NASDAQ:NXT) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 49.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,890 shares of the company’s stock after selling 8,613 shares during the period. Verition Fund Management LLC’s holdings in Nextracker were worth $333,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker during the 2nd quarter valued at approximately $43,078,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Nextracker by 1,800.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after acquiring an additional 801,780 shares during the last quarter. Principal Financial Group Inc. lifted its position in Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after acquiring an additional 713,463 shares during the period. Bank of New York Mellon Corp grew its stake in Nextracker by 146.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock valued at $53,550,000 after purchasing an additional 678,261 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Nextracker by 158.9% in the third quarter. Assenagon Asset Management S.A. now owns 963,698 shares of the company’s stock worth $36,119,000 after purchasing an additional 591,488 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Robert W. Baird decreased their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Guggenheim restated a “buy” rating and issued a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. Finally, Wells Fargo & Company reduced their price target on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Stock Performance

NASDAQ:NXT opened at $35.47 on Friday. The company’s 50-day moving average is $36.82 and its two-hundred day moving average is $42.15. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 8.85 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31.

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.