Nextracker Inc. (NASDAQ:NXT) Stake Lowered by Tidal Investments LLC

Tidal Investments LLC decreased its stake in Nextracker Inc. (NASDAQ:NXT) by 48.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,058 shares of the company’s stock after selling 7,552 shares during the period. Tidal Investments LLC’s holdings in Nextracker were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fifth Third Bancorp increased its position in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares during the period. Rothschild Investment LLC acquired a new position in shares of Nextracker during the second quarter valued at $35,000. Quarry LP raised its stake in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the period. Finally, Neo Ivy Capital Management bought a new position in Nextracker in the 3rd quarter valued at about $74,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on NXT. Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Wells Fargo & Company decreased their price target on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. BMO Capital Markets lowered their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. JPMorgan Chase & Co. cut their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Finally, The Goldman Sachs Group lowered their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Five research 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $52.90.

Nextracker Trading Up 0.9 %

NASDAQ:NXT opened at $36.74 on Wednesday. The stock’s 50-day moving average is $36.83 and its two-hundred day moving average is $41.11. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock has a market cap of $5.35 billion, a PE ratio of 9.16 and a beta of 2.10. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

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.