Gateway Investment Advisers LLC Grows Position in Nextracker Inc. (NASDAQ:NXT)

Gateway Investment Advisers LLC grew its stake in Nextracker Inc. (NASDAQ:NXT) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,618 shares of the company’s stock after buying an additional 976 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Nextracker were worth $323,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NXT. Vanguard Group Inc. boosted its holdings in Nextracker by 166.1% in the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the period. Victory Capital Management Inc. grew its position in shares of Nextracker by 5.7% during the second quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock worth $96,218,000 after purchasing an additional 110,707 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after purchasing an additional 460,739 shares during the period. Handelsbanken Fonder AB lifted its holdings in Nextracker by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after purchasing an additional 84,069 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Nextracker by 146.2% in the 2nd 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 period. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Roth Mkm dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Susquehanna started coverage on Nextracker in a report on Friday, June 28th. They issued a “positive” rating and a $59.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $57.90.

Nextracker Stock Performance

Shares of Nextracker stock opened at $35.64 on Monday. Nextracker Inc. has a 52 week low of $32.19 and a 52 week high of $62.31. The company has a market capitalization of $5.17 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 5.19 and a beta of 2.47. The stock’s fifty day moving average is $37.87 and its two-hundred day moving average is $45.35. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. The company had revenue of $719.92 million during 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%. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. As a group, analysts expect that Nextracker Inc. will post 2.52 earnings per share for the current 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.