American Century Companies Inc. Decreases Position in Nextracker Inc. (NASDAQ:NXT)

American Century Companies Inc. decreased its position in Nextracker Inc. (NASDAQ:NXT) by 92.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,535 shares of the company’s stock after selling 652,745 shares during the period. American Century Companies Inc.’s holdings in Nextracker were worth $2,557,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of NXT. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Nextracker in the first quarter worth about $25,000. GAMMA Investing LLC grew its stake in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares in the last quarter. TFC Financial Management Inc. bought a new stake in Nextracker during the 2nd quarter valued at $32,000. Fifth Third Bancorp raised its holdings in Nextracker by 1,602.5% during 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. Finally, Lindbrook Capital LLC purchased a new stake in shares of Nextracker during the first quarter worth $34,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Guggenheim reduced their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Susquehanna initiated coverage on shares of Nextracker in a research report on Friday, June 28th. They issued a “positive” rating and a $59.00 price objective for the company. Barclays decreased their target price on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Finally, Bank of America raised their price target on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $58.18.

Nextracker Price Performance

Shares of Nextracker stock opened at $38.90 on Friday. The business’s 50-day moving average price is $40.18 and its 200-day moving average price is $47.25. The firm has a market capitalization of $5.65 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. 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 (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business’s revenue was up 50.1% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share. Sell-side analysts forecast that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

About Nextracker

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.