Evergreen Capital Management LLC Acquires 607 Shares of Nextracker Inc. (NASDAQ:NXT)

Evergreen Capital Management LLC lifted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 14.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,697 shares of the company’s stock after acquiring an additional 607 shares during the quarter. Evergreen Capital Management LLC’s holdings in Nextracker were worth $220,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Nextracker in the 1st quarter valued at about $25,000. GAMMA Investing LLC increased its stake 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. TFC Financial Management Inc. bought a new position in shares of Nextracker during the second quarter worth approximately $32,000. Fifth Third Bancorp boosted its stake 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 purchasing an additional 641 shares during the period. Finally, Lindbrook Capital LLC acquired a new position in Nextracker in the 1st quarter valued at $34,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NXT has been the subject of a number of research reports. Susquehanna assumed coverage on Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 target price for the company. Bank of America lifted their price objective on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Guggenheim decreased their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Jefferies Financial Group initiated coverage on shares of Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.18.

Nextracker Price Performance

Shares of NXT opened at $38.90 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The stock has a market cap of $5.65 billion, a PE ratio of 11.58, a PEG 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 business has a 50-day simple moving average of $40.00 and a two-hundred day simple moving average of $47.10.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $616.71 million. During the same quarter in the prior year, the firm posted $0.48 earnings per share. The firm’s revenue was up 50.1% compared to the same quarter last year. Analysts anticipate that Nextracker Inc. will post 2.57 earnings per share for the current fiscal 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.