Nextracker Inc. (NASDAQ:NXT) Shares Bought by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado raised its position in shares of Nextracker Inc. (NASDAQ:NXT) by 36.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,276 shares of the company’s stock after purchasing an additional 3,282 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Nextracker were worth $575,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after buying an additional 7,821,368 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Nextracker by 5.7% in the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock worth $96,218,000 after acquiring an additional 110,707 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Nextracker by 35.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Nextracker by 146.2% during the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock worth $53,550,000 after purchasing an additional 678,261 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker during the second quarter valued at $43,078,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NXT shares. Jefferies Financial Group began coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Bank of America lifted their price target on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Roth Mkm lowered their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Guggenheim cut their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, Truist Financial lowered their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $58.18.

Nextracker Trading Up 3.2 %

Shares of NXT stock opened at $37.56 on Friday. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The firm has a market capitalization of $5.45 billion, a P/E ratio of 11.20, a PEG ratio of 5.32 and a beta of 2.47. The stock’s fifty day moving average is $40.37 and its two-hundred day moving average is $47.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. Nextracker’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 earnings per share. Research analysts expect that Nextracker Inc. will post 2.57 earnings per share for the current fiscal year.

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.