Jennison Associates LLC Has $1.22 Million Position in Nextracker Inc. (NASDAQ:NXT)

Jennison Associates LLC cut its holdings in Nextracker Inc. (NASDAQ:NXT) by 81.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,425 shares of the company’s stock after selling 138,338 shares during the quarter. Jennison Associates LLC’s holdings in Nextracker were worth $1,215,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in shares of Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. TFC Financial Management Inc. bought a new position in Nextracker during the second quarter valued at about $32,000. Fifth Third Bancorp lifted its position in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after buying an additional 641 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Nextracker during the 2nd quarter worth about $35,000. Finally, Hilltop National Bank increased its holdings in shares of Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after acquiring an additional 343 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on NXT. Susquehanna reduced their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Truist Financial boosted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Robert W. Baird lowered their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Piper Sandler lowered their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Northland Securities reiterated an “outperform” rating and issued a $48.00 price objective on shares of Nextracker in a research report on Tuesday, November 19th. Four analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Performance

NASDAQ NXT opened at $38.85 on Friday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a 50 day moving average of $36.53 and a 200-day moving average of $43.07. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 9.69 and a beta of 2.32.

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.