Algert Global LLC Purchases 10,699 Shares of Nextracker Inc. (NASDAQ:NXT)

Algert Global LLC boosted its position in Nextracker Inc. (NASDAQ:NXT) by 11.5% during the second quarter, HoldingsChannel.com reports. The fund owned 103,582 shares of the company’s stock after buying an additional 10,699 shares during the quarter. Algert Global LLC’s holdings in Nextracker were worth $4,856,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Virtu Financial LLC raised its holdings in shares of Nextracker by 228.3% during the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Nextracker by 22.7% in the fourth quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after acquiring an additional 53,904 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of Nextracker in the 1st quarter valued at approximately $1,643,000. Diversify Advisory Services LLC bought a new stake in shares of Nextracker during the 2nd quarter valued at approximately $1,270,000. Finally, Commonwealth Equity Services LLC acquired a new position in Nextracker during the 1st quarter worth approximately $2,819,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Performance

NXT stock opened at $38.90 on Monday. The firm has a market cap of $5.65 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $40.00 and a 200-day moving average price of $46.92. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31.

Nextracker (NASDAQ:NXT) last issued its 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. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same period in the previous year, the company posted $0.48 earnings per share. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. As a group, equities research analysts expect that Nextracker Inc. will post 2.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Truist Financial cut their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. Bank of America boosted their price objective on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Roth Mkm dropped their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Guggenheim dropped their price objective 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. Five research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.18.

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.