Captrust Financial Advisors Lowers Position in Nextracker Inc. (NASDAQ:NXT)

Captrust Financial Advisors reduced its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 17.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,818 shares of the company’s stock after selling 1,261 shares during the quarter. Captrust Financial Advisors’ holdings in Nextracker were worth $218,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Nextracker in the second quarter valued at $207,000. Swedbank AB bought a new position in shares of Nextracker in the 2nd quarter worth about $4,622,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Nextracker by 38.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,664 shares of the company’s stock worth $734,000 after buying an additional 4,350 shares during the last quarter. Liberty One Investment Management LLC bought a new position in shares of Nextracker in the 2nd quarter worth about $130,000. Finally, Summit Global Investments bought a new stake in Nextracker in the 2nd quarter valued at about $676,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on NXT shares. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. BMO Capital Markets cut their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Barclays lowered their target price 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 raised their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Northland Securities reissued an “outperform” rating and set a $48.00 target price on shares of Nextracker in a research note on Tuesday, November 19th. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Performance

Nextracker stock opened at $35.47 on Monday. The firm’s 50 day simple moving average is $36.82 and its 200-day simple moving average is $41.96. The company has a market cap of $5.16 billion, a P/E ratio of 8.85 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

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.