Bank of Montreal Can Raises Stock Position in Nextracker Inc. (NASDAQ:NXT)

Bank of Montreal Can grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 25.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,428 shares of the company’s stock after purchasing an additional 10,589 shares during the period. Bank of Montreal Can’s holdings in Nextracker were worth $2,605,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of NXT. Vanguard Group Inc. increased its stake in Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after purchasing an additional 7,821,368 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Nextracker during the second quarter worth about $43,078,000. Earnest Partners LLC acquired a new position in shares of Nextracker during the first quarter worth about $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Nextracker by 1,800.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after buying an additional 801,780 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Nextracker by 2,854.7% during the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after buying an additional 713,463 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NXT has been the subject of a number of analyst reports. Truist Financial lowered their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Guggenheim lowered their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Barclays lowered their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.90.

Nextracker Trading Up 0.7 %

NASDAQ:NXT opened at $36.36 on Friday. The stock has a fifty day moving average price of $39.20 and a two-hundred day moving average price of $46.47. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 5.32 and a beta of 2.47. 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 Inc. has a 1 year low of $32.14 and a 1 year high of $62.31.

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, topping the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. Nextracker’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.48 earnings per share. As a group, sell-side 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.