Nextracker Inc. (NASDAQ:NXT) Shares Bought by Truist Financial Corp

Truist Financial Corp raised its stake in Nextracker Inc. (NASDAQ:NXT) by 67.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,225 shares of the company’s stock after buying an additional 4,507 shares during the quarter. Truist Financial Corp’s holdings in Nextracker were worth $526,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP purchased a new stake in Nextracker during the fourth quarter worth about $2,775,000. Vanguard Group Inc. increased its stake in Nextracker by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after purchasing an additional 216,674 shares during the period. PNC Financial Services Group Inc. purchased a new stake in Nextracker during the fourth quarter worth about $183,000. First Hawaiian Bank purchased a new stake in Nextracker during the first quarter worth about $703,000. Finally, Perpetual Ltd purchased a new stake in Nextracker during the first quarter worth about $456,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

NXT has been the topic of a number of recent research reports. Barclays cut their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Truist Financial cut their price target on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday. Roth Mkm cut their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Guggenheim cut their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Finally, Bank of America upped their target price 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. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.85.

Nextracker Stock Performance

Shares of Nextracker stock opened at $35.04 on Thursday. The firm has a market capitalization of $5.09 billion, a P/E ratio of 10.43, a P/E/G ratio of 5.19 and a beta of 2.47. Nextracker Inc. has a 52 week low of $32.19 and a 52 week high of $62.31. The firm’s 50 day moving average is $37.57 and its two-hundred day moving average is $44.97. 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 posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. Research analysts forecast that Nextracker Inc. will post 2.52 EPS for the current fiscal year.

Nextracker 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.